Former A.G. Morgan Financial Advisors, LLC Chief Compliance Officer (CCO) James McArthur (CRD# 2797856) is accused of promissory note losses.
He was registered with IBN Financial Services, Inc. in Massapequa, New York, from 2021 to 2022, when he was terminated regarding, “Unlawfully offering and selling securities in connection with a more than $500 million unregistered fraudulent offering with lending company complete business solutions group inc. d/b/a par funding. The SEC previously charged par funding and others with operating a fraudulent scheme that raised hundreds of millions of dollars from investors nationwide.” He was registered with Traderfield Securities Inc. in Massapequa, New York, from 2019 to 2020, and American Portfolios Financial Services, Inc. in Massapequa, New York, from 2014 to 2018.
In June 2022, the SEC opened an investigation alleging between August 2017 and November 2017 and December 2018 and July 2020, A.G. Morgan Financial Advisors, LLC, its principal Vincent Camarda, and its former CCO James McArthur violated federal securities laws related to offering an unregistered security that raised more than $75 million from more than 200 investors. According to BrokerCheck, “The Defendants solicited investors and offered or sold promissory notes to investors in connection with a more than $500 million unregistered fraudulent offering with lending company Complete Business Solutions Group, d/b/a Par Funding.” It is alleged that A.G. Morgan Financial Advisors, LLC and Vincent Camarda violated their fiduciary duty to their investment adviser clients by failing to disclose to investors that they had a conflict of interest. According to the complaint, Vincent Camarda and James McArthur “began soliciting investors to invest in promissory notes issued by Par Funding in Par Funding’s unregistered securities offering.” Between August 2017 and November 2017, they “solicited nearly one dozen investors to invest at least $2.6 million in promissory notes issued by Par Funding.” It is further alleged that Vincent Camarda told at least two investors that it was a safe investment, while failing to disclose that his company A.G. Morgan Financial Advisors, LLC was in debt to Par Funding and Vincent Camarda was a guarantor on that debt to Par Funding. The SEC alleges that A.G. Morgan Financial Advisors, LLC, Vincent Camarda, and James McArthur received more than $7 million in compensation from Par Funding for their sales of the unregistered securities.
James McArthur Customer Complaints
He has been the subject of 16 customer complaints in 2024, according to his CRD report:
December 2024. “Breach of fiduciary duty; failure to supervise; negligence and gross negligence; misrepresentations and omissions. The alleged activity occurred from December 2019 to February 2023.” The customer is seeking $4,000,000 in damages, and the case is currently pending. The complaint was related to promissory note losses, and it took place while he was registered with American Portfolios Financial Services, Inc., IBN Financial Services, Inc., Momentix Capital, Inc. (fka Traderfield Securities, Inc.), and A.G. Morgan Financial Advisors, LLC.
November 2024. “Claimants allege: breach of fiduciary duty; failure to supervise; negligence and gross negligence; and, misrepresentations and omissions. The alleged activity occurred from December 2019 to February 2023.” The customer is seeking $3,600,000 in damages, and the case is currently pending. The complaint was related to promissory note losses, and it took place while he was registered with IBN Financial Services, Inc. and Momentix Capital, Inc. (fka Traderfield Securities, Inc.).
June 2024. “SOC alleges that during the period of his association with the Firm, Respondent was liable for: violations of FINRA Rules 2010, 2020, 2111, and 3280; negligence; and, breach of contract. The Respondents period of registration was between March 2021 and June 2022.” The customer is seeking $300,000 in damages, and the case is currently pending. The complaint was related to promissory note losses, and it took place while he was registered with IBN Financial Services, Inc. and A.G. Morgan Financial Advisors, LLC.
June 2024. “SOC alleges that during the period of his association with the Firm, Respondent was liable for: violations of FINRA Rules 2010, 2020, 2111, and 3280; negligence; and, breach of contract. The Respondents period of registration was between March 2021 and June 2022.” The customer is seeking $150,000 in damages, and the case is currently pending. The complaint was related to promissory note losses, and it took place while he was registered with IBN Financial Services, Inc. and A.G. Morgan Financial Advisors, LLC.
June 2024. “SOC alleges that during the period of his association with the Firm, Respondent was liable for: violations of FINRA Rules 2010, 2020, 2111, and 3280; negligence; and, breach of contract. The Respondents period of registration was between March 2021 and June 2022.” The customer is seeking $1,000,000 in damages, and the case is currently pending. The complaint was related to promissory note losses, and it took place while he was registered with IBN Financial Services, Inc., Momentix Capital, Inc. (fka Traderfield Securities, Inc.), and A.G. Morgan Financial Advisors, LLC.
June 2024. “SOC alleges that during the period of his association with the Firm, Respondent was liable for: violations of FINRA Rules 2010, 2020, 2111, and 3280; negligence; and, breach of contract. The Respondents period of registration was between March 2021 and June 2022.” The customer is seeking $125,000 in damages, and the case is currently pending. The complaint was related to promissory note losses, and it took place while he was registered with IBN Financial Services, Inc., Momentix Capital, Inc. (fka Traderfield Securities, Inc.), and A.G. Morgan Financial Advisors, LLC.
June 2024. “SOC alleges that during the period of his association with the Firm, Respondent was liable for: violations of FINRA Rules 2010, 2020, 2111, and 3280; negligence; and, breach of contract. The Respondents period of registration was between March 2021 and June 2022.” The customer is seeking $1,100,000 in damages, and the case is currently pending. The complaint was related to promissory note losses, and it took place while he was registered with IBN Financial Services, Inc. and A.G. Morgan Financial Advisors, LLC.
June 2024. “SOC alleges that during the period of his association with the Firm, Respondent was liable for: violations of FINRA Rules 2010, 2020, 2111, and 3280; negligence; and, breach of contract. The Respondents period of registration was between March 2021 and June 2022.” The customer is seeking $1,300,000 in damages, and the case is currently pending. The complaint was related to promissory note losses, and it took place while he was registered with IBN Financial Services, Inc., Momentix Capital, Inc. (fka Traderfield Securities, Inc.), and A.G. Morgan Financial Advisors, LLC.
June 2024. “SOC alleges that during the period of his association with the Firm, Respondent was liable for: violations of FINRA Rules 2010, 2020, 2111, and 3280; negligence; and, breach of contract. The Respondents period of registration was between March 2021 and June 2022.” The customer is seeking $600,000 in damages, and the case is currently pending. The complaint was related to promissory note losses, and it took place while he was registered with IBN Financial Services, Inc., Momentix Capital, Inc. (fka Traderfield Securities, Inc.), and A.G. Morgan Financial Advisors, LLC.
June 2024. “SOC alleges that during the period of his association with the Firm, Respondent was liable for: violations of FINRA Rules 2010, 2020, 2111, and 3280; negligence; and, breach of contract. The Respondents period of registration was between March 2021 and June 2022.” The customer is seeking $400,000 in damages, and the case is currently pending. The complaint was related to promissory note losses, and it took place while he was registered with IBN Financial Services, Inc., Momentix Capital, Inc. (fka Traderfield Securities, Inc.), and A.G. Morgan Financial Advisors, LLC.
June 2024. “SOC alleges that during the period of his association with the Firm, Respondent was liable for: violations of FINRA Rules 2010, 2020, 2111, and 3280; negligence; and, breach of contract. The Respondents period of registration was between March 2021 and June 2022.” The customer is seeking $700,000 in damages, and the case is currently pending. The complaint was related to promissory note losses, and it took place while he was registered with IBN Financial Services, Inc., Momentix Capital, Inc. (fka Traderfield Securities, Inc.), and A.G. Morgan Financial Advisors, LLC.
May 2024. “SOC alleges that during the period of his association with the Firm, Respondent was liable for: violations of FINRA Rules 2010, 2020, 2111, and 3280; negligence; and, breach of contract. Respondent’s period of registration was between March, 2021 and June, 2022.” The customer is seeking $4,700,000 in damages, and the case is currently pending. The complaint was related to promissory note losses, and it took place while he was registered with IBN Financial Services, Inc., Momentix Capital, Inc. (fka Traderfield Securities, Inc.), and A.G. Morgan Financial Advisors, LLC.
May 2024. “The SOC alleges that during the period of his association with the Firm, Respondent engaged in sales of unregistered securities. Respondent was registered with the Firm between March, 2021and June, 2022.” The customer is seeking $100,000 in damages, and the case is currently pending. The complaint was related to promissory note losses, and it took place while he was registered with IBN Financial Services, Inc., Momentix Capital, Inc. (fka Traderfield Securities, Inc.), and A.G. Morgan Financial Advisors, LLC.
May 2024. “The SOC alleges that, during his association with the Firm, Respondent was liable for: negligence and/or gross negligence; breach of contract and breach of good faith and fair dealing; omission of material facts and misleading statements. Respondent was registered with the Firm between March, 2021 and June, 2022.” The customer is seeking $633,000 in damages, and the case is currently pending. The complaint was related to promissory note losses, and it took place while he was registered with IBN Financial Services, Inc. and A.G. Morgan Financial Advisors, LLC.
May 2024. “SOC alleges that, during his time associated with the Firm, Respondent sold unregistered securities in the form of promissory notes. Respondent was registered with the Firm between March, 2021 and June, 2022.” The customer is seeking $100,000 in damages, and the case is currently pending. The complaint was related to promissory note losses, and it took place while he was registered with IBN Financial Services, Inc., Momentix Capital, Inc. (fka Traderfield Securities, Inc.), and A.G. Morgan Financial Advisors, LLC.
May 2024. “SOC alleges that, during his period of association with the Firm, Respondent engaged in the sale of unregistered securities. Respondent was registered with the Firm between March, 2021 and June,2022.” The customer is seeking $2,000,000 in damages, and the case is currently pending. The complaint was related to promissory note losses, and it took place while he was registered with IBN Financial Services, Inc., Momentix Capital, Inc. (fka Traderfield Securities, Inc.), and A.G. Morgan Financial Advisors, LLC.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, A.G. Morgan Financial Advisors, LLC may be liable for investment or other losses suffered by James McArthur’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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