Vincent Camarda Resigns from IBN Financial Services Following SEC Suit
Vincent Camarda (CRD #: 2463703), a broker formerly registered with IBN Financial Services, is the subject of a pending SEC action, according to his BrokerCheck record, accessed on July 23, 2022. If you want to learn more about Vincent Camarda’s conduct as a broker, read on.
Resignation from IBN Financial Services
On June 17, 2022, Vincent Camarda was permitted to resign from IBN Financial Services after allegedly participating in a fraudulent scheme connected to an over $500 million unregistered securities offering with lending company Complete Business Solutions Group, d.b.a. Par Funding.
SEC Civil Suit
On June 9, 2022, the Securities and Exchange Commission filed a civil suit against Vincent Camarda alleging his involvement in an unregistered securities offering.
The SEC alleges that Vincent Camarda and the other defendants offered or sold promissory notes to investors in connection with an over $500 million unregistered fraudulent offering with Complete Business Solutions Group (Par Funding). Vincent Camarda and A.G. Morgan allegedly failed to disclose a conflict of interest to the investors they solicited for this offering.
Alleged Sale of Unregistered Securities
In December 2016, Vincent Camarda allegedly began borrowing money from Par Funding on behalf of A.G. Morgan through loans referred to as “merchant cash advance” transactions. By July 2017, A.G. Morgan allegedly owed Par Funding approximately $750,000.
In August 2017, Vincent Camarda and James McArthur allegedly began soliciting investors to invest in promissory notes issued by Par Funding in relation to Par Funding’s unregistered securities offering. Vincent Camarda and James McArthur allegedly solicited nearly a dozen investors to invest at least $2.6 million in promissory notes from August 2017 to November 2017.
The SEC further alleges that, in September 2017, Vincent Camarda told at least two investors that this was a safe investment and failed to disclose that A.G. Morgan was in debt to Par Funding and that he was a guarantor on that debt. A.G. Morgan, Vincent Camarda, and James McArthur allegedly received collective compensation from Par Funding exceeding $7 million for their sales of unregistered securities.
The SEC alleges that Vincent Camarda violated the following regulations:
- Sections 5(a) and (c) of the Securities Act of 1933
- Sections 206(1) and (2) of the Investment Advisers Act of 1940
- Section 15(a)(1) of the Securities Exchange Act of 1934
The civil action is currently pending.
Securities Act of 1933
Sections 5(a) and (c) of the Securities Act of 1933 prohibit the purchase and sale of unregistered securities.
Investment Advisers Act of 1940
Sections 206(1) and 206(2) of the Investment Advisers Act of 1940 forbid the use of fraudulent and deceitful schemes or practices.
Securities Exchange Act of 1934
Section 15(a)(1) of the Securities Exchange Act of 1934 prohibits brokers and firms from conducting business with unregistered persons.
Vincent Camarda has passed the following exams:
- Series 66 – Uniform Combined State Law Examination
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
- Series 24 – General Securities Principal Examination
He has also worked for the following firms:
- IBN Financial Services (CRD#:42360)
- Traderfield Securities (CRD#:20130)
- American Portfolios Financial Services (CRD#:18487)
- LPL Financial (CRD#:6413)
- Sagepoint Financial (CRD#:133763)
- SunAmerica Securities (CRD#:20068)
- American Express Financial Advisors (CRD#:6363)
- IDS Life Insurance Company (CRD#:6321)
Kurta Law Can Help
If you worked with Vincent Camarda and you have concerns about your investments, please contact us today at 877-600-0098 or email@example.com for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.