INVESTORS: Former broker Joseph DeGregorio was charged by the SEC with defrauding several elderly clients of more than $1 million over a period of five years.
On March 2, 2022, the SEC announced charges against former broker Joseph DeGregorio after allegations that he defrauded several elderly investors out of more than $1 million over a five year period.
The SEC’s complaint alleged that Joseph DeGregorio, 45, of Freehold, NJ, solicited $1.2 million dollars from four investors, ages 78 to 94, by claiming that he would invest their funds in two private companies and in a promissory note with a guaranteed 13% annual return. According to the complaint, the promissory note was fake, and the private companies – which did not carry out any real business activities – were created by DeGregorio to facilitate his fraud. As alleged, DeGregorio stole most of the investors’ money, and used a portion of the funds to repay investors in a Ponzi-like fashion.
The complaint charges DeGregorio with violations of the antifraud provisions of the federal securities laws. DeGregorio has agreed to settle with the SEC and be enjoined from future violations of the charged provisions, pending court approval. DeGregorio is facing a parallel criminal action for his misconduct.
If you have any information about former broker Joseph DeGregorio that you would like to share or discuss, please call our firm for a confidential consultation. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.