MASSAPEQUA, Nassau County (WABC) — A Massapequa-based investment firm is accused of misappropriating the retirement savings accounts of hundreds of its clients.<\/p>\n
In some cases, millions of dollars have been lost.<\/p>\n
As many as 400 victims say they put their faith and their hard-earned money into the hands of A.G. Morgan Financial Advisers, but now some of them have to get other jobs to pay the bills.<\/p>\n
People forked over their entire life savings because they say the investments were sold as ‘safe, secure and conservative.’<\/p>\n
“Total fear would be that I’m never gonna see my funds again that I worked my entire life for,” Pat Bucher said.<\/p>\n
For retiree Pat Bucher, the only option now is a paying job in her Coram community.<\/p>\n
“At age 70, you shouldn’t have to be looking for a part-time job when you’ve saved your whole life history and savings for your retirement,” Bucher said.<\/p>\n
She spent decades working in customer service and sales, only to transfer her retirement funds in Goldman Sachs over to A.G. Morgan, based in Massapequa.<\/p>\n
Lawyers say the firm gave hundreds of retirees just like her the same, supposedly safe, pitch.<\/p>\n
“In investment, they said listen here’s a promissory note, we’re gonna pay you monthly interest, and then at the maturity of that note, you’ll get your principal back,” Plaintiffs’ Attorney Steven Toskes said.<\/p>\n
But it never happened.<\/p>\n
In a letter from the Department of Justice, the FBI confirmed Bucher’s fear that she’s identified as a federal crime victim in their case against A.G. Morgan, CEO Vincent Camarda, who lives in Amityville didn’t answer Eyewitness News, and Chief Compliance Officer James McArthur, who lives in Mount Sinai, where there was also no answer.<\/p>\n
“How much of your money have they squandered?” Eyewitness News’ Stacey Sager asked.<\/p>\n
“Right now it’s $204,000, plus interest,” Bucher said.<\/p>\n
But that’s only a fraction of what has disappeared.<\/p>\n
According to a complaint from the Securities and Exchange Commission back in 2022, A.G. Morgan engaged in “unlawfully offering and selling securities in connection with more than $500 million dollars,” and “acting as unregistered broker-dealers.”<\/p>\n
Attorney Steven Toskes has more than a dozen cases and has tried 3 so far, including one on Tuesday.<\/p>\n
“The one we just finished today was 81 years old. He lost over $1.1 million,” Toskes said.<\/p>\n
Bucher said she’s disgusted by the people who would do this.<\/p>\n
“I think they’re dirtbags, quite frankly. They’re living the life, they’re happy as a pig. Here we are struggling,” Bucher said.<\/p>\n
Toskes said he is winning the cases against A.G. Morgan, but the challenge will be getting these clients their money back.<\/p>\n
* Get Eyewitness News Delivered<\/a><\/strong> <\/p>\n * Follow us on YouTube<\/a><\/strong> <\/p>\n * More local news<\/a><\/strong><\/p>\n * Send us a news tip<\/a><\/strong><\/p>\n