SEC Reportedly Charges Joe DeGregorio with Defrauding Elderly Clients  

According to the U.S. Securities and Exchange Commission, on March 2, 2022, the regulator reportedly charged former broker Joseph DeGregorio of Freehold, NJ, with allegedly defrauding several elderly investors of more than a million dollars over a five-year period.  

The SEC alleges that Joseph DeGregorio, 45, convinced four investors, ages 78 to 94, to invest $1.2 million in two private companies and in a promissory note with a guaranteed 13% annual return.   

According to the SEC’s complaint, the promissory note was allegedly fake, as well as the private companies which were allegedly created by DeGregorio as part of the scheme. DeGregorio purportedly stole most of the investors’ money, and used some of the money to repay investors in a Ponzi-like fashion.  

DeGregorio has reportedly agreed to settle with the SEC and be enjoined from future violations of the charged provisions. The settlement is subject to court approval; disgorgement, prejudgment interest and a civil penalty will be determined by the court at a later date, according to a press release. 

According to his broker report, DeGregorio, was reportedly affiliated with 14 firms in 14 years, including the following:  

 08/26/2016 – 02/24/2017, GARDEN STATE SECURITIES, INC. (CRD#:10083), HACKENSACK, NJ,   

11/03/2015 – 09/19/2016, FIRST STANDARD FINANCIAL COMPANY LLC (CRD#:168340), STATEN ISLAND, NY  

01/27/2015 – 11/03/2015, GARDEN STATE SECURITIES, INC. (CRD#:10083), HACKENSACK, NJ  

01/14/2014 – 03/03/2014, CHELSEA FINANCIAL SERVICES (CRD#:47770), STATEN ISLAND, NY  

03/04/2010 – 01/16/2014, MVP FINANCIAL, LLC (CRD#:137662), SAN ANTONIO, TX 

DeGregorio has a long list of disclosures on his broker report, including 6 judgment/liens, 6 customer complaints, and has reportedly been suspended since September 2017 when he “failed to comply with an arbitration award or settlement agreement.”  

How to Recover Investment Losses    

When brokers violate securities laws, such as making unauthorized transactions or unsuitable investments, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

If you have suffered losses investing with Joseph DeGregorio, the securities attorneys at The White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510.     

The foregoing information, which is all publicly available, is being provided by The White Law Group.   

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Seattle, Washington. For more information, please visit our website, www.whitesecuritieslaw.com.