SEC Charges A.G. Morgan Financial and Its Principals With $138 Million Offering Fraud

SEC Charges New York-Based Investment Adviser and Its Principals in Alleged $138 Million Offering Fraud

On April 3, 2026, the Securities and Exchange Commission charged registered investment adviser A.G. Morgan Financial Advisors, LLC and its principals, Vincent J. Camarda and James E. McArthur, with allegedly perpetrating an offering fraud that raised at least $138 million from at least 431 investors.

According to the SEC’s complaint, filed in the U.S. District Court for the Eastern District of New York, from approximately June 2020 through at least December 2023, Defendants fraudulently induced their advisory clients, many of whom were elderly and financially unsophisticated, to purchase securities in the form of promissory notes issued by five high-risk private equity funds that Camarda and McArthur created, managed, and owned. As alleged, while Defendants told investors that the investments were conservative and safe and that the funds would invest in several diverse areas, in reality, four of the funds invested entirely in a high-risk mining venture and the fifth invested entirely in a start-up coffee shop company operated by Camarda’s son. The complaint further alleges that Defendants failed to disclose their substantial conflicts of interest in recommending the funds to their clients, namely, that Defendants received payments in connection with the funds’ investments in the mining venture and that one of the funds was created for the sole purpose of funding Camarda’s son’s coffee shop company. In addition, Camarda is alleged to have misappropriated approximately $1 million of client money by transferring it to his personal bank account.

Jones Day Law Firm Says Hackers Accessed Some Clients’ Data

Hackers have breached Jones Day and accessed the files of 10 clients, the law firm said on Monday.

A prolific cybercriminal group known as Silent took credit for the attack, listing Jones Day among its victims on an extortion website.

“Jones Day recently experienced a cyber ‘phishing’ incident in which an unauthorized third party accessed a limited number of dated files for 10 clients,” spokesperson Dave Petrou said in a statement. “All impacted clients have been notified.”

The identities of the affected clients weren’t immediately clear. Hackers also stole data belonging to Jones Day in 2021.

FINRA Under Fire: Constitutional Challenges Mount Against the Industry’s Private Regulator

The through-line connecting Alpine, Smith, and the Delaware complaint is the collision between the historical story FINRA tells about itself and the regulatory reality it actually inhabits. FINRA justifies its internal adjudicatory model by appealing to centuries of voluntary self-regulation in the securities industry—private clubs, consensual arbitration, members who chose to join knowing the rules. But the voluntary nature of membership requirements ended in 1983, when Congress made membership mandatory and FINRA became the only path into the broker-dealer industry. What was once voluntary is now compelled, and the constitutional consequences of that transformation remain unresolved, across multiple circuits.

The D.C. Circuit found a likely nondelegation violation in FINRA’s power to expel members without prior SEC review, then sidestepped the broader constitutional questions. The Sixth Circuit denied Smith’s petition on procedural grounds but went out of its way to say his Seventh Amendment arguments had real force—and Judge Murphy’s concurrence posed a structural question about mandatory membership regimes that no court has answered. FINRA, for its part, responded to the cert denial in Alpine by immediately proposing a rule change to shore up the specific vulnerability the D.C. Circuit identified, suggesting it understands that the ground beneath its enforcement model is less stable than it once appeared.

Whether that kind of incremental adaptation is enough, or whether the broader constitutional challenges now pending in Delaware and other federal courts will eventually force a more fundamental reckoning, is the question hanging over every FINRA enforcement action filed today.

The Dirty Job That Accountants Desperately Wish AI Would Take Over

Matt Gardiner recently climbed a series of 90-foot grain bins to measure millions of bushels of corn.

He and his team got so covered in thick dust that they had to be sprayed down with air hoses before returning to their cars. It’s one of the hazards of the job, along with fertilizer-soaked boots, ripped pants from ladder cages, and encounters with pigeons, mice and sleeping bats.

Gardiner isn’t a farmer. He’s an accountant.

The third-generation Iowa-based auditor has to review and verify the financials compiled by his clients, largely agricultural businesses. He uses a laser to measure grain, but there’s no tool inside the bins that can save him from having to climb.

“There’s so much dust in the process of getting grain into a bin that it would have to have a little windshield wiper on the sensors to constantly clear it,” Gardiner said. “I think that’d be great.”

Accounting firms and their clients are increasingly using artificial intelligence and drones to do work long handled by humans. But so far, there’s been no technological solution to what is often the dirtiest part of an audit: counting inventory. That means the messy, bizarre field trips remain a rite of passage for young professionals in an otherwise deskbound field.

JPMorgan Chase CEO Jamie Dimon warns of business ‘exodus’ from NYC as Mamdani, lefty pols push for tax hikes

In his annual letter to shareholders, the 70-year-old Queens native stressed Gotham faces stiff competition from other financial centers both in the US and abroad, suggesting that the hard-left Hizzoner’s tax-and-spend policies would do nothing to help swell City Hall’s coffers.

“Cities — like individuals, companies, and countries — need to compete,” Dimon wrote, “No matter who you are, you need to deal with reality and the truth.

The JPMorgan CEO only opened the financial giant’s new HQ on Park Avenue last year, but warned he too could move more jobs out of New York unless there is a shift in policy.

“The truth is that while New York City has much going for it, particularly for financial companies (because of extraordinary local talent), it also has the highest city and state corporate taxes and the highest individual income and state taxes,” the Wall Street veteran continued.

“People often make this a moral or loyalty issue, but it is not,” he added.