Florida Retirees File $2.5M FINRA Arbitration Case Against Henley & Co. Over Alleged Ponzi Scam Losses

Deceased New York Broker Philip Incorvia May Have Defrauded Investors 

A retired couple living in Florida has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against broker-dealer Henley & Co. over losses they suffered while working with Philip Robert Incorvia as their registered financial advisor. Incorvia, who died in August 2021, was a registered representative with the firm for over 15 years until his passing. He also ran Jefferson Resources, Inc. in Shoreham, New York.

Our Ponzi fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) are speaking with investors who suffered losses while working with ex-Henley & Co. broker Philip Incorvia. He may have defrauded more than 15 East Coast investors in his alleged Ponzi scheme. 

Fake Funds and Failure to Supervise 

Incorvia is accused of having investors back what now appear to be fictitious funds, including Vanderbilt Realty Investors and Jefferson Resources, among others. While he did send out monthly distributions to investors, Incorvia also would recommend that customers reinvest their returns to keep the money flowing into his scheme. The alleged Ponzi scam fell apart after Incorvia died. 

The Florida investors who are now seeking to recover damages contend that Henley & Co. did not properly supervise Incorvia, as well as neglected to audit its satellite branch office where he worked. They contend that Incorvia allegedly ran a Ponzi scam out of that office for at least 15 years through Jefferson Resources. The claimants blame the brokerage firm for its “lax compliance culture.” 

They are accusing Henley & Co. of disregarding the red flags indicating that Incorvia was engaging in broker misconduct. They believe that the brokerage firm was negligent by hiring the former financial advisor at all, considering he had previous disclosures on his BrokerCheck, including past arbitration cases alleging fraud.

According to BrokerCheck, Philip Incorvia worked 41 years in the industry. Other broker-dealers where he used to be registered include Prime Capital Services, Raymond James Financial Services, Robert Thomas Securities, Descap Securities, TimeCapital Securities, Mony Sales, The Mutual Life Insurance Company of New York, and First Investors Corp. 

Previous Disclosures in Incorvia’s BrokerCheck Include:

  • A  $102K settlement was paid to a customer in 1998 over the allegedly improper handling of funds while Incorvia was a Robert Thomas Securities broker.
  • A $5K regulatory fine by NASD was recorded in 1991.
  • A churning case, also from 1991, resulted in an award of $52K for the claimant.  

Ponzi Scams 

A Ponzi scam that goes undetected for years can harm many investors at once. For example, GPB Capital Holdings’ alleged over $1.7B scheme is believed to have defrauded more than 17,000 investors. There are also longer-lasting schemes, including the $65B Bernard Madoff Ponzi scam that went on for nearly two decades. The Madoff scam caused serious losses for over 30,000 victims ranging from retail investors to extremely wealthy celebrities and institutional clients.  

Experienced Securities Lawyers and Fraud Attorneys

SSEK Law Firm goes after the brokerage firms whose financial advisors ran Ponzi scams or whose brokers recommended and sold investments in what ended up being part of this type of fraud. Call (800) 259-9010 today if you suffered losses while working with ex- Henley & Co. broker Philip Incorvia. You can also reach one of our Ponzi investment attorneys in New York at (716) 261-3529 or in Florida at (813) 560-2992.

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