Articles Tagged with Steven Pagartanis

AdobeStock_82110313-1-300x125Stoltmann Law Offices continues to investigate former Lombard Securities broker Steven Pagartanis. This week, the Suffolk County District Attorney’s Office in New York filed criminal charges against Pagartanis. The U.S. Securities and Exchange Commission (SEC) filed a suit in federal court Wednesday alleging that Steven Pagartanis defrauded at least nine investors out of $8 million in a ponzi scheme. According to the SEC, “Steven Pagartanis used false and misleading statements to solicit $8 million from long-standing brokerage customers, most of whom were retired, on the pretense that the investments would go toward a publicly traded or private land development company.” The investors were instructed to write checks to a different company, Genesis, that was secretly controlled by Pagartanis, and was not an approved investment by his firm. Steven Pagartanis then used the money to pay personal expenses, and to pay back original investors. Pagartanis also allegedly “created fictitious account statements reflecting ownership interests in the land development companies.” The SEC’s investigation against him is currently pending.
Steven Pagartanis was previously registered with Woodbury Financial Services in East Setauket, New York from August 2011 until September 2012, Cadaret, Grant & Co. in Setauket from September 2012 until March 2017, and Lombard Securities Inc. in Setauket from September 2017 until March 2018. He has nine customer complaints against him, eight of which are currently pending, alleging unsuitability, misrepresentation, fraud relating to REIT investments, unsuitable investment recommendations in a small, speculative land development company, and other things. He has one regulatory matter against him, and one judgment/lien. This is according to online, public records with FINRA. He has been permanently barred from the financial industry.

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