WealthCFO LLC, Tarek D. Bahgat and Lauramarie Colangelo Charged by SEC – Goodman & Nekvasil P.A. May Recover Investor Losses
Securities and Exchange Commission Charges WealthCFO LLC, Tarek D. Bahgat and Lauramarie Colangelo
The Securities and Exchange Commission today announced fraud charges against an investment adviser and an operations manager for stealing approximately $378,000 from clients.
The SEC’s complaint alleges that Tarek D. Bahgat, a former resident of Williamsville, N.Y. who now lives in Egypt, misappropriated money from seven of his investment advisory clients, many of whom were senior citizens. The SEC also alleges that, in some instances, Bahgat, by obtaining internet bill-paying privileges, impersonated his clients in telephone calls with broker-dealers holding the client accounts and caused money to be transferred from his clients’ accounts to himself or to WealthCFO LLC, a company Bahgat controlled. The complaint further alleges that Lauramarie Colangelo, of Amherst, N.Y., WealthCFO’s operations manager, posed as one of Bahgat’s clients during a telephone call with a broker-dealer.
The SEC’s complaint, filed in the U.S. District Court for the Western District of New York, charges Bahgat with violating Sections 206(1) and 206(2) of the Investment Advisers Act of 1940 and Colangelo with aiding and abetting certain of Bahgat’s violations. The complaint seeks permanent injunctions and civil penalties from Bahgat and Colangelo, and disgorgement plus interest from Bahgat. The complaint names WealthCFO as a relief defendant for the purpose of disgorging illicit proceeds, plus interest, from the fraud in the company’s possession.
Investors in WealthCFO LLC May Recover their Losses with Goodman & Nekvasil, P.A.
If you invested in WealthCFO LLC, Goodman & Nekvasil, P.A. may help you. Goodman & Nekvasil, P.A., a Clearwater, Florida, law firm with a national practice representing victimized investors, has recovered more than $180 million dollars on behalf of victimized investors.
All our cases are handled on a purely contingency fee basis by Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA. Kalju Nekvasil, Esq. has practiced in this area of the law for more than 35 years.
There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
If you incurred investment losses in WealthCFO LLC, and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.