Eccleston Law: For Investors. For Advisors
About
Who We Are
Testimonials
Disclaimers
Attorneys
For Advisors
Broker Transition
Transition Negotiations
Employment Matters
State Registration Problems & Discipline
FINRA Matters
Promissory Note Matters
Team/Parnership Disputes
CFP Board Matters
FINRA Enforcement Matters
State Registration Problems & Discipline
Transition Negotiations
Broker Litigation & Arbitration
Employment Matters
Regulatory Matters
Strategic Consulting
Whistleblower Law
Promissory Note Matters
Compliance Protection
Lawyer Referral Network
Expungement of CRD/BrokerCheck Disclosures
For Investors
Securities Fraud
Breach of Fiduciary Duty
Negligent Investment Management
Unauthorized Trading
Lawyer Referral Network
News & Articles
News
Articles
Financial Counsel Blog
Videos
Newsletter Signup
Contact
Site Menu
About
Who We Are
Testimonials
Disclaimers
Attorneys
For Advisors
For Advisors: Overview
Broker Transition
Broker Transition Overview
Transition Negotiations
Employment Matters
State Registration Problems & Discipline
FINRA Matters
Promissory Note Matters
Team/Parnership Disputes
CFP Board Matters
FINRA Enforcement Matters
State Registration Problems & Discipline
Transition Negotiations
Broker Litigation & Arbitration
Employment Matters
Regulatory Matters
Strategic Consulting
Whistleblower Law
Promissory Note Matters
Compliance Protection
Lawyer Referral Network
Expungement of CRD/BrokerCheck Disclosures
For Investors
For Investors: Overview
Securities Fraud
Breach of Fiduciary Duty
Negligent Investment Management
Unauthorized Trading
Lawyer Referral Network
News & Articles
News
Articles
Financial Counsel Blog
Videos
Newsletter Signup
Contact

SEC Charges Barred Broker for Orchestrating Real Estate Scam

Posted on October 6th, 2017 at 9:54 AM
SEC Charges Barred Broker for Orchestrating Real Estate Scam

From the Desk of Jim Eccleston at Eccleston Law LLC:

Former broker Leonard Vincent Lombardo of Long Island, New York, along with his company and business partner, has agreed to settle charges with the SEC for perpetrating an alleged real estate investment scam.

Mr. Lombardo, who was barred from the industry by FINRA 20 years ago, operated the scheme through his company, Leonard Vincent Group with the help of his CFO, Brian Hudlin.

According to the SEC’s complaint, Mr. Lombardo allegedly told his investors that their distressed real estate investments had increased by more than 50% in a matter of months. However, in reality, Mr. Lombardo invested only a small fraction of their money in real estate and used the majority of the funds for separate business ventures and personal expenses. In all, Mr. Lombardo misused $6 million from retirees and other investors.

Without admitting or denying the SEC’s allegations, Mr. Lombardo and his firm agreed to pay disgorgement of $5.88 million and Mr. Hudlin agreed to pay a $40,000 penalty.  Mr. Lombardo also pled guilty in a parallel criminal case brought by the U.S. Attorney's Office for the Eastern District of New York.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial advisors including Broker Litigation & Arbitration, Strategic Consulting Services, Regulatory  Matters, Transition Contract Review, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: Jim Eccleston, Eccleston Law, Eccleston Law LLC, Eccleston, SEC, real estate, scam, FINRA

Share

Return to Archive

Latest Articles
Purshe Kaplan to Pay $1.6 Million Settlement
April 14th, 2021 at 10:06 AM
Cambridge to Pay $3.5 Million In Restitution To Settle FINRA Mutual Fund Case
April 13th, 2021 at 9:22 AM
Read More »
Latest News
Just Saying “No” to Firm-Provided and Conflicted Legal Counsel in Your Transition may avoid problems later
April 14th, 2021 at 3:55 PM
Affidavit of Merit Received in Eccleston Law’s $25 Million Legal Malpractice Action
April 1st, 2021 at 9:36 AM
Read More »
Share

Request a Free Consultation

Attorneys are standing by during regular business hours. Call us now for immediate service, or complete the form below and we will contact you as soon as possible.

Your E-mail Address:
 
Chicago
55 West Monroe St.
Suite 610
Chicago, Illinois 60603
(312) 332-0000
(312) 332-0003
New York City
One Liberty Plaza
165 Broadway, 23rd Floor
New York, New York 10006
(312) 332-0000
(312) 332-0003
Boca Raton
2255 Glades Road
Suite 324A
Boca Raton, Florida 33431
(312) 332-0000
(312) 332-0003
2021 © Eccleston Law, LLC.
All Rights Reserved.
The law is continuously changing. Please do not rely on information found on this site without consulting a lawyer to determine if any recent changes in the law may have an impact.