Joseph A. Giordano Charged by SEC in Alleged Maryland-Based Real Estate Swindle
Earlier the Peiffer Rosca Wolf 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 Rosca Wolf 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 Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.
Broker: Joseph A. Giordano
Status: INVESTIGATED by Peiffer Rosca.
For brokercheck report and additional info click here!