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The Securities Arbitration Law Firm of KlaymanToskes, www.klaymantoskes.com, has commenced an investigation in light of recent criminal charges and regulatory action concerning Steven Pagartanis (“Pagartanis”), who worked at Lombard Securities, Inc. (“Lombard”) and Cadaret, Grant & Co., Inc. (“Cadaret”). Pagartanis was charged with two counts of first-degree larceny and two counts of second-degree larceny by Suffolk County, New York prosecutors for an alleged Ponzi scheme that Pagartanis operated. A separate action has been filed by the Securities and Exchange Commission (“SEC”) in Federal District Court in Brooklyn, New York. The SEC’s complaint charges Pagartanis with violating the antifraud provisions of the federal securities laws for the alleged scheme, which the SEC believes amounted to an $8 million investment scam. The Financial Industry Regulatory Authority has barred Pagartanis as a broker.
According to securities attorney Lawrence L. Klayman, Esq., “Lombard and Cadaret are responsible for adequately supervising its registered representatives. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for any resulting investment losses sustained by customers.” The charge levied against Pagartanis by the SEC, according to its complaint, seeks a judgement ordering Pagartanis to disgorge the gains from the alleged scheme, and to pay prejudgment interest and financial penalties.
The sole purpose of this release is to investigate the sales practices of Pagartanis in-connection with the sale of securities to his customers. Current and former customers of Pagartanis who held accounts with Lombard and Cadaret and have information relating to the manner in which Pagartanis represented these investments, are encouraged to contact the attorneys of KlaymanToskes at (888) 997-9956, or visit our website at www.klaymantoskes.com.