Philadelphia Man Sued for Fraud

Posted on November 13th, 2020 at 12:27 PM
Philadelphia Man Sued for Fraud

From the Desk of Jim Eccleston at Eccleston Law LLC:

In July 2020, Dean Vagnozzi settled charges brought by the U.S. Securities and Exchange Commission (“SEC”) that alleged that Vagnozzi had sold more than $32 million in unregistered securities offerings and that Vagnozzi acted as an unregistered broker. Vagnozzi, as well as a number of other individuals and entities, are now being sued by more than 50 customers who allege that Vagnozzi breached his fiduciary obligation, engaged in fraud, and engaged in a conspiracy.

As reported by InvestmentNews, the lawsuit was filed on November 6 in federal court in Philadelphia. According to InvestmentNews, the plaintiffs in this lawsuit invested more than $14 million with Vagnozzi. The complaint alleges that Vagnozzi fraudulently induced the plaintiffs to purchase “unsecured securities backed by risky merchant cash advance loans to small businesses.” The complaint also alleges that Vagnozzi, as well as the other defendants, conspired to advertise, market and sell unregistered securities.

Vagnozzi is well known in Philadelphia for his radio ads. In addition to the SEC settlement in July 2020, Vagnozzi also agreed to pay $490,000 to settle charges that he was selling securities without a license that were brought by the Pennsylvania Department of Banking and Securities.

Tags: eccleston, sec, fraud, faud case, philadelphia

Return to Archive

TESTIMONIALS

Previous
Next

Thank you for your professional assistance with this matter. You are very good at what you do.

John T.

LATEST NEWS AND ARTICLES

April 25, 2024
B. Riley Financial Clears Air Amid Allegations, Stock Surges

Amidst swirling speculation regarding its connections with a client linked to the Prophecy Asset Management collapse, B. Riley Financial Inc. has conducted an internal
review, concluding no affiliations with the defunct hedge fund.

April 24, 2024
RIA Insurance Claims Skyrocket

A recent analysis by Golsan Scruggs reveals a staggering 231 percent increase in errors-and-omissions (E&O) liability claims among registered investment advisor (RIA)
insurers.

April 23, 2024
Surge Predicted in Regulation Best Interest Cases

According to a recent analysis, Reg BI-related actions quickly have ascended to the top five issues for FINRA, with fines totaling $6 million in 2023.