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About a securities fraud conspiracy, Joseph Cammarata has been found guilty.

Former CEO of Investview (who runs iGenius) Cammarata (on the right) ran a recovery fraud through Alpha Plus Recovery.

“As charged, these defendants maneuvered complex financial transactions over years to steal about $40 million,” said acting U.S. attorney Williams.

“Cammarata, Cohen, and Punturieri committed fraud on top of fraud by submitting fake claims on behalf of nonexistent clients and forging financial records to support these fraudulent claims.

Now that their purported plot has been revealed, they must account for their actions.”

The trial of Cammarata began on October 20. On October 26, the jury found him guilty on counts 1 through 6 and 11 and 12 of the supplemental indictment against Cammarata.

The indictment against Cammarata relates to conspiracy to commit mail and wire fraud, wire fraud, money laundering, and conspiracy to commit money laundering.

Cammarata faces up to 20 years for each count, for a total potential of 160 years in jail.

The sentence of Cammarata is planned on February 21, 2023.

In related news, the stay on parallel SEC proceedings has been lifted as a result of Cammarata’s conviction.

Judge Kenney refused Cammarata’s application to stay a previously granted Temporary Restraining Order on the same day that the SEC’s case against Cammarata was revealed.

The restraining order froze Cammarata’s assets, barring him from continuing to use ill-gotten earnings.

Cammarata’s SEC case was also directed to mediation on October 27. We will keep you informed.

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