Managers of New York Broker Dealer Plead Guilty in Ponzi Scheme

Posted on May 26th, 2015 at 5:06 PM
Managers of New York Broker Dealer Plead Guilty in Ponzi Scheme

From the Desk of Jim Eccleston at Eccleston Law LLC:

A former New York based broker-dealer, Arjent LLC and its UK-based affiliate, Arjent Limited, were on the edge of insolvency when the company Chairman and CEO Robert P. DePalo, along with Managing Director and co-owner Joshua B. Gladtke, made false representations to investors in an effort to keep both companies afloat and fund DePalo and Gladtke’s extravagant lifestyles. 

According to the SEC, DePalo and Gladtke sold shares in a holding company, Pangaea Trading Partners, by misrepresenting to investors the value of Pangaea’s assets and how the investment funds would be used.  Contrary to the representations made to investors, the first $2.3 million raised in the offering purportedly went straight to DePalo’s personal bank accounts. Additional investor funds allegedly were transferred to Gladtke for his own personal use.

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags: Eccleston Law LLC, James Eccleston, eccleston, Eccleston Law, lpl financial, finra

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