Posted on: April 03, 2026 05:08 PM

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One of the largest scam involving over 300 victims on Long Island

Today, in the federal court in Central Islip, a former CEO of A. G. Morgan Financial Advisors pleaded guilty to security fraud and investment advisor fraud. The federal prosecutors charged an Amityville 62 year old resident after the arrest while back and faces a maximum sentence of 20 years imprisonment, as well as restitution of at least $160,022,836.81 and forfeiture of $6,639,498.17. That's over $160 million dollars.

The US Attorney stated, “We will aggressively prosecute investment advisors who betray their clients’ trust and commit crimes for their own financial gain. This defendant used a series of lies to lure clients, including elderly and other vulnerable individuals, into investing with him, all while enriching himself. Today’s guilty plea is an important step toward holding the defendant accountable for the substantial harm he has caused.”

The investigation uncovered between 2017 and 2024 when victims came forth after losing lifetime savings.