Joseph Cammarata found guilty of recovery scam fraud
Joseph Cammarata has been found guilty in connection to a securities fraud scheme.
Cammarata (right), former CEO of Investview (who run iGenius), had a side gig recovery scam through Alpha Plus Recovery.
“As alleged, these defendants manipulated complicated financial transactions for years in order to steal roughly $40 million,” said Acting U.S. Attorney Williams.
“Cammarata, Cohen and Punturieri committed fraud on top of fraud, filing claims on behalf of clients that didn’t actually exist and doctoring false financial documents to support those fraudulent claims.
Their alleged scheme has now been uncovered and they will have to answer for their conduct.”
Cammarata’s trial kicked off on October 20th. The jury found him guilty on counts 1 to 6 and 11 and 12 of Cammarata’s superseding indictment on October 26th.
Cammarata’s indictment pertains to mail and wire fraud conspiracy, wire fraud, money laundering and conspiracy to commit money laundering.
Cammarata is facing up to 20 years on each count, translating to a maximum 160 year prison sentence.
Cammarata’s sentencing is scheduled for February 21st, 2023.
In related news, Cammarata’s conviction has removed the stay on parallel SEC proceedings.
The same day the SEC’s case against Cammarata was unsealed, Judge Kenney denied Cammarata’s motion to stay a previously granted Temporary Restraining Order.
The granted TRO froze Cammarata’s assets, preventing him from further using ill-gotten gains.
Also on October 27th, Cammarata’s SEC case was referred to mediation. We’ll keep you posted.
Update 30th November 2022 – In a letter sent to the court on November 18th (docketed November 23rd), Cammarata is complaining he’s not able to participate in mediation proceedings.
As such the court has suspended mediation proceedings in the SEC case pending Cammarata’s sentencing.
Update 24th January 2023 – Following a sealed motion requesting an extension of time to file post-trial motions, Cammarata’s sentencing has been rescheduled to May 24th.
Update 13th March 2023 – Cammarata filed for an acquittal on February 21st.
I presume this will impact the May 24th sentencing but as of yet there’s no further entries on the case docket.
Update 7th June 2023 – No update on Cammarata’s sentencing other than it didn’t go ahead on May 24th.
Cammarata’s motion for an acquittal was denied on May 30th.
Update 9th June 2023 – On June 6th Cammarata was sentenced to 10 years in prison.