Joseph A. Giordano Charged by SEC in Alleged Maryland-Based Real Estate Swindle

stockbroker fraud attorneyEarlier the Peiffer Wolf Carr & Kane investment rights attorneys reported how Wilfred T. Azar III was charged by the SEC with conducting an offering fraud and spending investor money on lavish personal expenses.

It now appears that his accomplice, Joseph A. Giordano allegedly helped Azar raise more than $7 million by making these and other false and misleading statements exaggerating the safety and low risk of the purported bonds from Empire Corporation, according to SEC reports.

In reality, however, SEC documents show that Empire Corporation was functionally insolvent, and despite reports to investors that their funds would be used for a myriad of corporate purposes, Azar actually used the money to pay personal expenses such as tickets for the Baltimore Ravens, as previously reported, as well as thousands of dollars in remuneration to Giordano for participating in the alleged fraud.

What is more, the SEC further alleges, Giordano also managed to sway a mutual fund that he purchase into the bonds despite knowing the company was nearly out of cash.

In the end, the SEC notes, the scheme fell like a house of cards when the Raven-loving duo were unable to recruit new investors to fund Empire Corporation’s operations and repay existing investors, who never got their promised returns and lost the vast majority of their investments.

Investment Fraud Attorneys Recovery Lawyers Investigating

The Peiffer Wolf Carr & Kane investment rights attorneys often represent investors who lose money as a result of investment misconduct. They are currently investigating Joseph A. Giordano and his alleged bogus bond sales, and the possibility of assisting any investors with the recovery of any losses they may have suffered. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Any Investors who believe they lost money as a result of alleged improper sales of these Empire Corp. bonds is encouraged to contact the investment rights attorneys at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.

Broker: Joseph A. Giordano

Status: INVESTIGATED by Peiffer Rosca.

For brokercheck report and additional info click here!

phil korosec (1249 Posts)

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.