Joseph Gallardo, of Bartonsville, Pennsylvania, Pleads Guilty To $1.8 Million Investment Fraud
Joseph Gallardo, formerly of Bartonsville, pleaded guilty in federal court to a charge arising from a case of investment fraud, U.S. Attorney for the Middle District of Pennsylvania Peter J. Smith stated on September, 2014. Joseph Gallardo, 48, pleaded guilty to mail fraud in front of Senior U.S. District Court Judge Sylvia H. Rambo on Tuesday, a news release from Smith’s office reported. Gallardo was a registered investment advisor with investment firms in New Jersey and Pennsylvania, and convinced clients inside those investment firms to invest in Blue Meadow Group LLL, his personal real estate venture, according to documents filed with the Court. Victims reportedly claim that Gallardo guaranteed alluring rates of return and were falsely told that their money was invested in, and protected by real estate. Contrary to what was reportedly represented to the victims, Blue Meadow Group was not a real estate investment trust, and its securities were not registered with the Pennsylvania and New Jersey Securities Commissions. Investigators have allegedly calculated that victims of Gallardo’s criminal activity lost approximately $1.8 million.
Gallardo Used Victims’ Monies to Fuel Gas Station and On-line Day Trading Habit, Allegedly
Joseph Gallardo allegedly used the money investors had trusted him with to purchase a gas station, convenience store, and to fund his on-line day trading account, which was less than successful, according to the U.S. States Attorney’s Office.
Gallardo Reportedly Has a Suspect Past; Peiffer Rosca Investigating
During July 2009, the Pennsylvania Securities Commission issued a cease and desist order ordering Gallardo to halt offering or selling investment properties in Pennsylvania, but Gallardo nonetheless allegedly persisted, and solicited additional victims who invested money with him.
Luckily, the Peiffer Rosca securities attorneys are investigating Gallardo, and are assisting victims with the recovery of their losses. The Peiffer Rosca securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. 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.
Investors who believe they lost money as a result of Gallardo, or any other investment fraud or misconduct may contact the securities lawyers at Peiffer Rosca, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.
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