{"id":305412,"date":"2026-02-19T03:51:08","date_gmt":"2026-02-19T03:51:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/305412\/"},"modified":"2026-02-19T03:51:08","modified_gmt":"2026-02-19T03:51:08","slug":"retirees-face-cycle-of-broken-promises-from-financial-adviser","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/305412\/","title":{"rendered":"Retirees face cycle of broken promises from financial adviser"},"content":{"rendered":"

Every few weeks, another email arrives in the inbox of a retired couple in Islip Town.<\/p>\n

The subject lines change.<\/p>\n

The promise doesn\u2019t.<\/p>\n

\u201cThe funds will be wired to us within 1 to 2 business days.\u201d<\/p>\n

WHAT NEWSDAY FOUNDClients of a Massapequa financial adviser who fear their retirement savings have been lost are being promised an investor in Texas, Anthony Zingarelli, is working to get their\u00a0money back.Zingarelli is president of Millennium Holdings Limited LLC, a Wyoming-based management company with ties to A.G. Morgan Financial Advisors LLC in Massapequa, according to court documents.A.G. Morgan chief executive Vincent J. Camarda, in more than 50 emails since September 2023, has\u00a0told his clients their money was invested with Millennium Holdings and Zingarelli is working on multiple deals to repay them.\u00a0<\/p>\n

That message was dated Oct. 17, 2023.<\/p>\n

Five months later, on March 27, 2024, another message read: \u201cWe can expect to have the money by the end of next week, which means we will be receiving your principal as well as interest at that time.\u201d<\/p>\n

Last week, yet another email landed in the couple\u2019s inbox, saying a plan to raise money by selling securities in Greece would be executed \u201cvery shortly.\u201d<\/p>\n

Sitting at their dining room table, the couple, who requested anonymity, leafed through printouts of dozens of emails from their financial planner, A.G. Morgan Financial Advisors LLC in Massapequa. All the messages were signed by the firm\u2019s chief executive and founder, Vincent J. Camarda, and were sent after the couple stopped receiving monthly interest payments of between 9% and 12%, according to financial statements.<\/p>\n

The couple, who are in their late 60s and early 70s,\u00a0said they fear their life savings of nearly $600,000 have been lost.<\/p>\n

\u201cWe\u2019ve received nothing,\u201d said the wife, who worked in government before retiring.\u00a0\u201cWhy is he stringing us along?\u201d<\/p>\n

The emails, sent between September 2023 and this month, are part of a pattern that has stretched for nearly 2\u00bd years, with clients of A.G. Morgan receiving updates about every two weeks from Camarda. Most outline plans by his business associate in Texas, Anthony Zingarelli, to recoup the money, based on a review of nearly 60 messages by Newsday.<\/p>\n

A.G. Morgan and its principals \u2014 Camarda and firm president James E. McArthur \u2014 are\u00a0accused in federal and state lawsuits and complaints to securities industry regulators of running a Ponzi scheme that resulted in losses of hundreds of thousands to millions of dollars for clients<\/a>, most of whom are retired. The firm and the men allegedly downplayed the risk of the investment funds where clients’ money was deposited and didn’t disclose conflicts of interest with some of the fund operators.<\/p>\n

Camarda, McArthur and A.G. Morgan have denied the allegations in court filings and arbitration proceedings.\u00a0<\/p>\n

On Wednesday, the men were in federal court in Central Islip to participate in negotiations aimed at settling\u00a0a lawsuit brought against them and their firm by the U.S. Securities and Exchange Commission. Camarda didn’t respond to a reporter’s questions as he walked to his car.\u00a0<\/p>\n

Court filings show roughly 400 A.G. Morgan clients had their retirement savings steered into investment funds tied to Philadelphia lender Par Funding<\/a>, later exposed by federal regulators as a Ponzi scheme.<\/p>\n

After Par Funding collapsed in 2020, about $60 million of the clients\u2019 money was transferred to Millennium Holdings Limited LLC<\/a>, a Wyoming-based company led by Zingarelli, who is 50 and lives in Irving, Texas, according to the filings.<\/p>\n

\u201cWe invest in funds that invest with Millennium Holdings,\u201d Camarda said three years ago in a deposition for the SEC lawsuit against A.G. Morgan and its principals.\u00a0<\/p>\n

Zingarelli previously held top jobs at Par Funding, and a court-appointed receiver later described him as \u201ca corporate insider<\/a> who facilitated and perpetuated the underlying fraud scheme.\u201d<\/p>\n

Zingarelli, through his attorney, declined to comment for this story.<\/p>\n

In the emails, Camarda repeatedly suggests that whether A.G. Morgan clients get their money back depends solely on Zingarelli\u2019s ability to raise funds through Millennium Holdings and related ventures. Newsday found no evidence that any of the funding plans described in the messages resulted in payments to the clients, who range in age from 56 to 83.<\/p>\n

\u201cI cannot express enough how excruciatingly painful this has been for all of us, and I am deeply sorry that we are in this position,\u201d Camarda wrote in a Sept. 12, 2024, email, adding that Zingarelli\u2019s application for a $1 billion loan \u201cis about to fund.\u201d<\/p>\n

Other messages describe efforts to obtain a line of credit from a bank in Malaysia, a sale of a company to a buyer in Singapore and a mining venture in the United States.<\/p>\n

The most ambitious plan, first mentioned in that Sept. 12 email, called for $3.5 billion to be raised in Europe through loans and the sale of securities, with most of the money to go to another Zingarelli company, Tanoak Capital Partners in Dallas.<\/p>\n

The frequency and content of Camarda\u2019s emails are unusual, legal experts told Newsday.<\/p>\n

\u201cAt this stage of the game, guys who have lost all their clients\u2019 money usually fall away into obscurity,\u201d said Mark W. Guthner, an associate professor of financial practice at Rutgers Business School and a former strategist at Banc of America Securities.\u00a0<\/p>\n

\u201cPerhaps he\u2019s trying to soothe his conscience or keep his clients from bringing an action against him. Whatever the case, this isn\u2019t normal behavior,\u201d Guthner said.<\/p>\n

Anthony Michael Sabino, a Mineola securities attorney, agreed, adding that Camarda\u2019s repeated written assurances that clients\u2019 money will be returned could increase his legal exposure.<\/p>\n

\u201cIf he\u2019s lying, he can get sued,\u201d said Sabino, who also teaches at St. John\u2019s University in Queens. \u201cIf there\u2019s a pending investigation by the SEC or Department of Justice, the emails will be looked at and new charges could be brought.\u201d<\/p>\n

For Pat Bucher, a 70-year-old retiree from Coram who invested more than $200,000, the emails lost their credibility years ago.<\/p>\n

\u201cThey were providing updates, but it was a repetitive story,\u201d she said. \u201cThe lies just continued.\u201d<\/p>\n

A pipeline to a Ponzi scheme <\/p>\n

The exterior of the former A.G. Morgan Financial Advisors LLC on Merrick Road in Massapequa. The building is in foreclosure. Credit: Newsday\/James T. Madore<\/p>\n

A.G. Morgan began doing business with Par Funding around 2016 and raised more than $75 million from investors between 2017 and 2020 through the sale of unregistered securities from Par Funding, according to a 2022 lawsuit filed\u00a0 against A.G. Morgan and its principals\u00a0by the SEC in federal court in Central Islip.\u00a0<\/p>\n

Days after the SEC accused Par Funding of operating as a Ponzi scheme, the lender was placed in receivership. Its chief executive was later sentenced<\/a>\u00a0to 15 years in prison for defrauding investors of more than $400 million.<\/p>\n

Camarda testified in the deposition that he transferred client funds from Par Funding to Zingarelli\u2019s Millennium Holdings \u201cso that our clients could continue to be paid their principal back and their interest.\u201d<\/p>\n

Nearly three years ago, a federal judge authorized the Par Funding receiver to pursue Zingarelli for assets tied to Par Funding. No lawsuits appear to have been filed, and the receiver\u2019s attorneys did not respond to requests for comment.<\/p>\n

Zingarelli was not available for an interview, said his lawyer, Kenneth Miller, who also declined an interview request.<\/p>\n

But in federal court in Central Islip last month, Miller told a judge that while Zingarelli had a business relationship with A.G. Morgan, he did not know its clients and never directly received investments from them.<\/p>\n

“He doesn’t conduct business in New York State,” Miller said during a hearing in a fraud suit filed by an A.G. Morgan client against the firm, its principals and Zingarelli.\u00a0<\/p>\n

The suit was brought by Kathleen McCauley, 69, of Farmingdale, who alleges her $450,000 retirement nest egg was not invested at all but transferred among accounts controlled by Camarda, McArthur and Zingarelli.<\/p>\n

The funds were deposited into an account at First National Bank of Long Island that was controlled by Camarda and McArthur, according to bank records obtained under subpoena by her attorney. The money was transferred immediately to a Texas account controlled by Zingarelli, then moved back to five accounts in New York controlled by Camarda and McArthur before finally being sent to Meridian Bank in Pennsylvania.<\/p>\n

McCauley\u2019s attorney, Timothy J. Dennin, alleges some of the funds were used to pay payroll.<\/p>\n

\u201cMy client\u2019s money was not invested in anything but transferred to accounts controlled by defendants Camarda, McArthur and Zingarelli \u2014 and used for these defendants\u2019 own nefarious purposes,\u201d the attorney said.<\/p>\n

Camarda, McArthur and Zingarelli have denied the allegations.<\/p>\n

The fallout continues <\/p>\n

State Supreme Court filings show Camarda\u2019s home in Amityville and the A.G. Morgan office building in Massapequa, which he owns, are in foreclosure.<\/p>\n

Also, arbitration panels have awarded<\/a> more than $16 million to 22 former clients \u2014 awards that A.G. Morgan, Camarda and McArthur\u00a0haven’t paid. As a result, the men\u00a0have been suspended from the securities industry.<\/p>\n

Camarda, McArthur and their attorneys did not respond to requests for comment for this story.<\/p>\n

Even after foreclosure proceedings began and arbitration awards went unpaid, Camarda has continued sending his clients updates every few weeks describing new overseas financing plans that he said would soon repay them.<\/p>\n

In Islip Town, the retired couple said the emails once had a ring of truth because they contained details \u2014 foreign banks, mining ventures, regulatory approvals \u2014 that could be checked with online searches.<\/p>\n

\u201cThe stories are so outrageous,\u201d said the husband, who\u2019s looking for a job, \u201cbut we had no evidence that they weren\u2019t true.\u201d\u00a0\u00a0<\/p>\n

He said he and his wife have long hoped Camarda would follow through on his promise to sue Millennium Holdings, which was first mentioned in a March 6, 2024, email. No lawsuit appears to have been brought.<\/p>\n

The wife, who has returned to work, said the ordeal has been a nightmare.<\/p>\n

\u201cWe just want our money back,\u201d she said.<\/p>\n

A PATTERN OF PROMISES, ZERO PAYOUTS<\/p>\n

Since 2023, clients of A.G. Morgan Financial Advisors LLC in Massapequa have received frequent emails from chief executive Vincent J. Camarda promising their investments would be repaid within days or weeks. Many of the messages outline fundraising plans by Anthony Zingarelli, president of Millennium Holdings Limited LLC. Below are excerpts from eight of the more than 50 emails reviewed by Newsday.\u00a0<\/p>\n

Sept. 27, 2023: \u201cThere is no doubt in my mind that this deal will be completed,\u201d Camarda wrote.<\/p>\n

Oct. 17, 2023: \u201cThe funds will be wired to us within 1 to 2 business days,\u201d Camarda wrote.<\/p>\n

Dec. 22, 2023: \u201cIt is a horrible deal, a complete fire sale but it will enable me to meet my obligations,\u201d Zingarelli wrote to Camarda about selling an unnamed company to a Singapore firm. The message was later forwarded to clients.<\/p>\n

March 27, 2024: \u201cWe can expect to have the money by the end of next week, which means we will be receiving your principal as well as interest at that time,\u201d Camarda wrote.<\/p>\n

June 7, 2024: \u201cAnthony is very confident that he will be receiving the funding very shortly. I am also 100% confident, because I have been participating in some of the calls,\u201d Camarda wrote.<\/p>\n

Sept. 12, 2024: Zingarelli \u201cis expecting to receive the final document today or tomorrow. Then 3 days until funding,\u201d Camarda wrote regarding a $1 billion loan application tied to Tanoak Capital Partners.<\/p>\n

July 15, 2025: \u201cI have SPECTACULAR news,\u201d Camarda wrote, estimating a mining deal would close in \u201c2-3 weeks.\u201d He added: \u201cAnyone want to see a grown man cry!!!\u201d<\/p>\n

Feb. 11: \u201cThis preferred stock is being issued in Greece \u2026 Anthony believes they will be getting their last approval very shortly,\u201d Camarda wrote about a securities offering.<\/p>\n

Source: Emails sent to A.G. Morgan clients by Vincent J. Camarda and emails from Anthony Zingarelli that were forwarded to clients.<\/p>\n

\"James<\/p>\n

\n\tJames T. Madore writes about Long Island business news including the economy, development, and the relationship between government and business. He previously served as Albany bureau chief.<\/p>\n","protected":false},"excerpt":{"rendered":"Every few weeks, another email arrives in the inbox of a retired couple in Islip Town. The subject…\n","protected":false},"author":2,"featured_media":305413,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[72,1115,176,61,2638,60,127637,174,175],"class_list":{"0":"post-305412","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-crime","10":"tag-finance","11":"tag-ie","12":"tag-investigations","13":"tag-ireland","14":"tag-nassau","15":"tag-personal-finance","16":"tag-personalfinance"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/305412","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=305412"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/305412\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/305413"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=305412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=305412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=305412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}