Leonard Vincent Lombardo Charged for Real Estate Scam

Leonard Vincent Lombardo Charged for Real Estate Scam

The U.S. Securities and Exchange Commission (SEC) has charged former broker Leonard Vincent Lombardo for allegedly defrauding over 100 investors in a $6 million real estate investment scheme. The charges also include his company, The Leonard Vincent Group, and his business partner.

Real Estate Scheme Involved Distressed Assets

According to the SEC’s complaint, Lombardo defrauded investors with false claims, saying their money would be invested in distressed real estate with high returns. Some investors allegedly were told that their investments had increased by more than 50% in a matter of months when the investments actually had no earnings.

Lombardo allegedly invested only a fraction of the money in real estate and used the rest of it to support business ventures in the e-cigarette industry and personal expenses such as car payments, marina fees, and visits to tanning salons.

Lombardo Agrees to Settle Case 

Lombardo, along with his company The Leonard Vincent Group, and its CFO Brian Hudlin, have agreed to settlements that are subject to court approval. He and his firm have agreed to disgorge $5.88 million to investors. Hudlin, without admitting or denying the SEC’s allegations, has agreed to pay a $40,000 penalty.

In a parallel criminal case, Lombardo pled guilty to investment fraud charges brought by the U.S. Attorney’s Office for the Eastern District of New York in June 2017.

Lombardo Barred from Securities Industry for Over 20 Years

Lombardo has been barred from the securities industry for more than two decades. The advisor once worked at Stratton Oakmont, the infamous brokerage firm that was the basis for Martin Scorsese movie “The Wolf of Wall Street,” which FINRA expelled from the industry in 1998.

Did You Lose Money to Broker Leonard Vincent Lombardo?

If you believe you have been the victim of stockbroker misconduct, you may have certain legal rights that require your immediate attention.

Call an Investment Fraud Attorney Today

If you are looking for an investment fraud attorney to review your rights and options, the investment fraud lawyers at Dimond Kaplan & Rothstein, P.A. have recovered more than $100 million from banks and brokerage firms for their wrongful actions.

With offices in Los AngelesNew YorkWest Palm Beach and Miami, our investment fraud attorneys represent clients nationwide and may be able to help you recover your investment losses.

Contact an investment fraud attorney at Dimond Kaplan & Rothstein, P.A. today to schedule an appointment or consultation to review your rights and options.