Feds charge Piermont investor with stealing $1.5M, saying he'd invest it in stocks, crypto
WHITE PLAINS — A 26-year-old purported Piermont financial investor has been charged with fraud, accused of bilking his clients out of at least $1.5 million, federal authorities said.
A federal grand jury indictment accuses Jeffrey Tognetti Jr. of misrepresenting his credentials as an investor and falsely telling his clients he would invest their money in the stock market and cryptocurrency. Instead, Tognetti used their money for his personal gratification, authorities said.
“The defendant is alleged to have defrauded his victims through an ongoing web of misrepresentations and deceit to fund his lavish lifestyle," said Ivan J. Arvelo, the special agent in charge of Homeland Security Office Investigations in New York.
Indictment: U.S. Attorney's Office unveils indictment against purported Piermont investment broker
Tognetti is accused of obtaining funds from victims based on the misrepresentations that he was a licensed Series 3 and 7 broker in New York, New Jersey, and Florida, U.S. attorney Damian Williams for New York's Southern District said.
Series 3 is one of several exams for investment professionals administered by the Financial Industry Regulatory Authority The exams include the Series 7, General Securities Representative Exam, which is required for brokers who wish to sell corporate, government, or other types of securities.
Williams said Tognetti made materially false oral and written statements, including lies that he worked at a hedge fund known as Parallax Capital Advisors LLC and created technology that allowed him to profitably trade cryptocurrency.
Without their knowledge or authorization, Tognetti misappropriated his victims’ funds since July 2022 by, among other things, using the funds for personal gain and transferring the funds to other individuals. His fraudulent scheme remained active until the time of his arrest on Aug. 31 by federal authorities.
“As alleged, Jeffrey Tognetti Jr. perpetrated a classic investment fraud scheme, lying to victims about his qualifications to lure supposed investments, only to misappropriate those funds," Williams said.
Tognetti is charged with one count of wire fraud, which carries a maximum sentence of 20 years in prison under the federal statute. If convicted, Tognetti's sentence would be determined by a judge. The case has been assigned to U.S. District Court Judge Nelson Roman at the federal courthouse in White Plains.
Tognetti pleaded not guilty during his arraignment. His bail was set at $100,000 bond. He is being represented by the office of the Federal Defender of New York.
This case is being handled by the U.S. Attorney's Office’s Money Laundering and Transnational Criminal Enterprises Unit. Assistant U.S. Attorney Jennifer N. Ong heads the prosecution.
Any individuals who believe they may have been victimized by Tognetti can contact Homeland Security Investigations at https://www.ice.gov/webform/ice-tip-form
Steve Lieberman covers government, breaking news, courts, police, and investigations. Reach him at slieberm@lohud.com. Twitter: @lohudlegal.
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This article originally appeared on Rockland/Westchester Journal News: Piermont investor charged with funding lifestyle with clients' funds
