The U.S. Securities and Exchange Commission (SEC) recently brought fraud charges against a former New York investment advisor of the firm WealthCFO, now living in Egypt, and his operations manager, and accused them of stealing approximately $378,000 from seven clients.
The SEC’s complaint alleges that investment advisor Tarek D. Bahgat of Williamsville, N.Y. misappropriated money from clients, including senior citizens. Bahgat obtained internet bill-paying privileges that allowed him to impersonate his clients in telephone calls triggering money transfers. The money transferred from client accounts was directed to Bahgat’s personal accounts or those of his firm, WealthCFO.
Investment Advisor Had Accomplice
The SEC complaint also says that Lauramarie Colangelo, the firm’s operations manager, was an accomplice in the scheme, posing as a client of Bahgat’s during a call with a broker-dealer.
The SEC seeks permanent injunctions and civil penalties, as well as disgorgement plus interest. The complaint also names WealthCFO as a relief defendant for the purpose of disgorging illicit proceeds, plus interest.
Have You Lost Money to an Investment Advisor?
If you believe you have been the victim of investment fraud or believe your investment advisor is not acting in your best interest, 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 Angeles, New York, West 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.