AGM Capital Fund Investor Sues Momentix Capital (FKA Traderfield Securities)
Ex-Brokers Vincent Camarda and James McArthur Are Also Respondents In Six-Figure Securities Fraud Lawsuit
In FINRA Arbitration, the Shepherd Smith Edwards and Kantas Private Placement Loss Attorneys (investorlawyers.com) are representing a New York investor in his investment loss recovery claim against Momentix Capital (FKA Traderfield Securities) and former brokers Vincent Jerome Camarda and James Edward McArthur. The claimant is pursuing up to six figures in damages for losses he sustained in the AGM Capital Fund.
This is a retiree who entrusted a large portion of his savings to the broker-dealer. Instead of giving him prudent financial advice, we believe that the respondents unsuitably recommended a promissory note from an obscure LLC known as AGM.
This privately traded, illiquid fund is particularly bad for retirees or soon-to-be retirees—especially for someone like this investor who made it clear from the start that he didn’t want to take on much risk.
That did not stop the respondents from concentrating our client’s money in AGM Capital Fund II, which is run and controlled by Camarda and McArthur. This investment proved to be a junk promissory note that returned profits to the respondents at the expense of investors. Not only that, but this appears to have been a scam run under the nose of Traderfield Securities.
In his FINRA lawsuit, this retiree investor is alleging unsuitability, misrepresentations and omissions, overconcentration, negligence, gross negligence, fraud, best interest violations, and more.
Camarda and McArthur are no longer registered brokers. They do, however, remain investment advisers with AG Morgan Financial Advisors. Both of their CRDs show numerous customer disputes in which claimants are collectively seeking millions of dollars.
AG Morgan Financial Advisors, Camarda, and McCarthur were charged by the US Securities and Exchange Commission (SEC) in 2022. The regulator accused them of unlawfully offering and selling securities in an unregistered fraud offering affiliated with Complete Business Solutions (d/b/a) Par Funding.
The SEC accused the investment adviser, Camarda, and McArthur of raising more than $75M in the alleged Par Funding scheme, and they purportedly earned more than $7M in compensation from the transactions.
These securities were not approved by their broker-dealer of record at the time, which is considered selling away and a type of financial advisor misconduct. Both Camarda and McCarthur were brokers with American Portfolio Financial, Traderfield Securities, IBN Financial, and other broker-dealers.
Representing AGM Fund Loss Investors
These illiquid risky investments are private placements and generally unsuitable for retirees, conservative investors, and seniors. Yet a number of those suing are investors who fit this category.
Shepherd Smith Edwards and Kantas is offering free, no obligation case assessments to AGM Fund investors who suffered losses and would like to see whether they have grounds for pursuing damages against Camarda, McCarthur, and their broker-dealer of record at the time. Even if the financial firm was unaware of any allegedly fraudulent behavior, it was its job to know what was going on and stop any wrongdoing from causing financial harm to customers.
Our private placement loss attorneys have been representing investors against brokerage firms for decades. We know how to maximize an investor’s chances for full recovery. More than 90% of our clients have secured awards or settlements through our skilled efforts.
Call our Private Placement Loss Attorneys at (800) 259-9010 or fill out this contact form.