For years, clients trusted Vincent Camarda with their savings, their retirements, and in many cases, their future.
They were told their money was safe.
Instead, federal prosecutors say it was anything but.
On Friday in federal court in Central Islip, the Amityville-based investment advisor pleaded guilty to orchestrating a massive fraud scheme that drained more than $160 million from over 300 clients, many of them elderly.
According to prosecutors, Camarda, the CEO of A.G. Morgan Financial Advisors, spent years building trust. With decades in the securities industry and credentials tied to federal regulators, he positioned himself as a steady hand in uncertain markets.
That trust became the foundation of the scheme.
Between 2017 and 2024, authorities say Camarda created a series of investment funds and marketed them as “safe” and “low-risk.” Clients were told their money would be diversified across multiple businesses and industries.
But behind the scenes, that wasn’t happening.
Instead, investigators found that funds were often funneled into single, high-risk ventures while clients were led to believe their investments were spread out. In some cases, prosecutors say, key conflicts of interest were never disclosed, including financial ties and personal relationships connected to the businesses receiving the money.
The turning point came when financial records and transaction trails began to reveal what was really happening.
Money wasn’t just being mismanaged.
It was being diverted.
Prosecutors say Camarda siphoned off hundreds of thousands of dollars directly from client investments, transferring funds into his own accounts. The money, according to court filings, was then used for personal expenses, including credit card payments, travel, jewelry, luxury goods, and even plastic surgery.
In one case, a client wired more than $700,000, believing it would be invested. Nearly $400,000 of that money was allegedly taken and used for personal spending.
The scheme unraveled as investigators traced those financial movements, exposing the gap between what clients were promised and where their money actually went.
Now, with a guilty plea entered, Camarda faces up to 20 years in prison. Prosecutors are also seeking more than $160 million in restitution.
For many victims across Long Island, the damage is already done.
Some lost their life savings.
And what began as trusted financial advice ended as one of the largest investment fraud cases tied to the region in recent years.
Camarda is presumed innocent until sentencing.
