There are many benefits to investing, including creating sources of passive income and building wealth. Aside from the many benefits there is a risk of losing money, but perhaps investment fraud is perhaps an even greater risk. Some investment advisers and brokers in New York are eager to take advantage of clients, sometimes defrauding them of hundreds of thousands of dollars.

An out-of-state financial adviser is facing 41 different criminal counts for illegally moving money out of clients' accounts and into his own personal ones. Those counts include charges for financial exploitation, investment adviser fraud and more. There were at least three clients who lost money, and the adviser's own father was apparently among the victims.

Criminal charges are not the only consequences that he must face, as two of the fraud victims chose to pursue legal action. One man secured $294,500 in compensatory damages. In a different case, a judge awarded $900,000 to another victim. These and other victims said there was no indication that anything was amiss, as the adviser provided his clients with falsified account statements. Neither learned of the forgeries until Dec. 2017, and they did not discover the missing money until nearly a month later.

Investment fraud usually weakens a person's financial position, creating unnecessary barriers to future investing. For those who have spent years building wealth this can be especially disheartening. As such, recovering compensatory damages is often a priority for New York victims, but some may be unsure how to do so. Although the process may seem daunting, speaking with a knowledgeable attorney can clarify any confusion.

No Comments

Leave a comment
Comment Information
Contact Timothy J. Dennin

Secure Case Evaluation

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy


Northport Office:
316 Main Street
Northport, NY 11768

Toll Free: 866-437-9475
Fax: 631-261-0395
Northport Law Office Map

Manhattan Office: 
270 Madison Avenue
13th Floor
New York, NY 10016

Toll Free: 866-437-9475
Fax: 212-688-6457
New York Law Office Map