The Securities and Exchange Commission (SEC) has launched a lawsuit against Joseph J. D’Ambrosio in the southern provincial court of New York.
According to SEC’s complaint, for many years, D’Ambrosio orchestrates an investment fraud through Hereeford Holdings, LLC, an entity he founded to invest funds on behalf of family and friends, but who used to abuse his investor money for personal use.
Since January 1998, D’Ambrosio has increased millions of dollars for HERFORD from about 19 investors. Until at least 2010, D’Ambrosio took money from Hereford to support his personal lifestyle.
D’Ambrosio transferred about 5.5 million dollars from HERFORD’s money.
He hides his scams by providing false statements about the performance and value of their investments.
Until December 2024, D’Ambrosio had drained HERFORD almost all his money. Consequently, D’Ambrosio was unable to respond to investor redemption demands on December 23, 2024, reported his behavior to the staff of the Commission and other law enforcement staff.
SEC blames D’Ambrosio violations of sections 206 (1), 206 (2) and 206 (4) of the 1940 investment advisers Act [15 U.S.C. §§ 80b-6(1), 80b-6(2), and 80b-6(4)] and Article 206 (4) -8 there based on that [17 C.F.R.§ 275.206(4)-8].
The Commission seeks a final judgment: (a) permanently, permanently imposes d’Ambrosio by violating the laws and rules of federal mobile values that the complaint claims to have been violated; (b) to order D’Ambrosio to disconnect all the profits it received as a result of the violations. (c) Order of D’Ambrosio to pay penalties for political money in accordance with the Counselors’ Law of Article 209 (E) [15 U.S.C. § 80b-9(e)]; and (d) Order any other and further relief from the court may consider fair and correct.
Joseph J. D’Ambrosio, 66, is a resident of Bronxville, New York. At all relevant times, D’Ambrosio was the management member of HERFORD, while at the same time serving as chairman and management member of Investment Advisor A, the investment manager in various compensation funds, in which Heeford was a limited partner.
D’Ambrosio is not registered with the committee. D’Ambrosio became a chartered map of financial analysts in 1994.