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Joseph Cammarata, the CEO of Investview, was detained on suspicion of recovering money through fraud.

Alongside criminal charges, the SEC has also brought civil lawsuits against Cammarata and his two accomplices.

2019 saw the appointment of Joseph Cammarata (right) as CEO of Investview. He was taken into custody on November 4 in Florida.

Cammarata, Erik Cohen, and David Punturieri were charged with conspiring to conduct “several counts of fraud in connection with a securities fraud claims scheme,” according to information released by the DOJ in early November.

Through Alpha Plus Recovery, a recovery scam, or “securities fraud claims scheme,” was carried out.

From 2014 until January 2021, Alpha Plus Recovery was in operation.

While recovery scams in the MLM industry sometimes offer reimbursements to victims if a fee is paid, Alpha Plus Recovery targeted civil actions brought against businesses that were found to have broken securities laws.

Upon striking an agreement with the wrongdoing business;

Practically speaking, these settlements typically include extremely huge sums of money since they frequently involve a very large number of harmed investors.

Such settlements produce large assets that must be fairly distributed among several investors, even after the payment of attorney’s fees and expenses.

The results of calculations outlined in settlement agreements determine who receives what. An independent third-party claims administrator who has been authorized by the court oversees this procedure, which includes authenticating victim claims.

from the previously-sealed indictment against Cammarata;

To act on behalf of customers who asserted entitlement to settlements from securities class actions and SEC enforcement action settlements, Alpha Plus was a claims aggregator.

To be eligible for an award of monies, all claimants to such settlements—including those represented by claims aggregators like Alpha Plus—had to demonstrate two crucial facts.

The first need for claimants was to provide proof that they had purchased shares of the relevant investment during the time frame specified in the court-approved settlement agreement that ended the securities class action litigation.

In addition, claimants had to demonstrate that their acquisition of securities had caused them to incur losses.

The recovery fraud by Alpha Plus involved the company sending false information about victim claims to several claims administrators.

To make fraudulent claims in securities class action and SEC enforcement action settlements, Joseph Cammarata, Erik Cohen, David Punturieri, and others constructed businesses that appeared to be independent but were owned or managed by the defendants.

These entities were claimed to be clients of Alpha Plus, who subsequently made fictitious claims on behalf of the fabricated entities.

Punturieri, Cohen, and Cammarata are charged in the indictment (quoted verbatim)

made false statements to claims administrators concerning the reported trading in securities by alleged Alpha Plus clients;
fabricated identities of fictitious Alpha Plus workers to use while speaking with claim managers;
fabricated bogus brokerage papers that represented purchases and sales of securities covered by settlements from class actions and SEC enforcement actions;
fabricated brokerage papers to support fraudulent and misleading claims and sent them to claims administrators;
impersonated people claiming to be in charge of Alpha Plus clients;
impersonated people claiming to work for brokerage companies;
discussions with claims administrators to assess the validity of claims made by Alpha Plus;
in meetings with claims administrators who were seeking to evaluate the veracity of claims made by Alpha Plus, fraudulently denied ownership or management of Alpha Plus.
The Alpha Plus recovery fraud by Cammarata, Cohen, and Punturieri made them over $40 million between 2014 and 2021.

One count of conspiracy is listed in their October 28th indictment, along with a request for forfeiture.

The Alpha Plus court docket shows a bench warrant was issued against Cammarata on the same day the indictment was filed, initially under secret, as of the time of publishing.

On November 4, Cammarata was taken into custody. Uncertainty surrounds Cohen and Punturieri’s situation.

The DOJ warns in a news statement from November 3rd;

Each defendant faces a potential penalty of 20 years in jail if found guilty.

The SEC started parallel civil fraud procedures on November 3.

David Punturieri, Erik Cohen, Joseph Cammarata, AlphaPlus Portfolio Recovery Group, and Alpha Plus Recovery are named as defendants in the SEC’s lawsuit.

as the SEC has claimed;

At least 400 distribution funds that were established as a consequence of the resolution of securities class actions and Securities and Exchange Commission enforcement actions were stolen by the defendants, totaling at least $40 million.

Defendants either knew or acted recklessly by failing to realize that their plan was unlawful.

The SEC’s lawsuit describes actions that are similar to those described in the sealed indictment. However, acquired communications between the defendants give further background.

A Distribution Fund disputed what they saw as a fraudulent justification for “fabricated trade records” in 2015.

Cammarata emailed Punturieri after Punturieri did not answer the fund’s issue;

. . . We waited a week for word from the admin, so I woke up in the middle of the night worrying about JAIL.

Cammarata wrote Punturieri after one of Alpha Plus’ fictitious clients, Nimello Holding LLC, gained through a fake claim;

Not so bad…Perhaps we were too cautious with the numbers;).

What Cammarata and his co-defendants purchased with the millions they got unlawfully is also disclosed in the SEC’s complaint;

Through a network of accounts managed by the Individual Defendants, the Defendants distributed the money they obtained from making false claims.

The Individual Defendants utilized these stolen assets to pay for a variety of personal costs, including upkeep of Cammarata’s Caribbean island, jewelry, house improvements, boats, holiday homes, and other real estate.

The SEC received a Temporary Restraining Order on November 4th, freezing the defendant’s assets.

Some purportedly joint assets that Joseph and his “estranged spouse,” Nina Cammarata, shared were included in the asset freeze.

As a result, Nina filed a motion to intervene on November 7th, claiming she was unaware of Joseph’s deceptive actions.

After making several attempts at reconciliation, Nina filed for divorce from Mr. Cammarata in the State of New Jersey in August 2019 and served the complaint in July 2020.

The divorce process is still in progress.

The Cammarata jointly own three (3) pieces of real estate (the “Property”): “Sandy Cay,” a Bahamian island, a home in Monmouth Beach, New Jersey, and a home in the Pocono Mountains of Pennsylvania.

Nina lives in the Monmouth Beach home most of the time.

It has a mortgage that has to be maintained with a $5,000 monthly payment.

Mr. Cammarata covered all of the expenditures related to the other Properties during their marriage and after the divorce process.

Nina has no idea what these costs are or how they were covered, but she is aware that since she is a co-owner of these properties, she may be held jointly accountable for them.

She may suffer irreparable loss if she is not given quick access to the Joint Account, and the Properties may be exposed to waste and potentially harmful legal action, such as liens and foreclosure for failure to pay a mortgage, taxes, and HOA dues.

An asset carving out and stipulated intervention agreement with Nina were the subjects of a notice the SEC filed on November 19th.

The granted TRO has been extended to January 25th, 2022, following a ruling made on December 3rd.

For their side, Investview quickly distanced themselves after learning of Cammarata’s imprisonment.

Investview declared “interim management changes” on November 5, the day following Cammarata’s arrest.

Through media sources, Investview has learned that its CEO, Joseph Cammarata, and a few other of his business partners are the targets of recently disclosed civil and criminal accusations.

In the meantime, while the Company conducts its internal investigation into these problems in collaboration with the Company’s outside legal experts, the Board of Directors of the Company immediately placed Mr. Cammarata on administrative leave and removed him from his duties and responsibilities.

The conduct associated with Mr. Cammarata in these alleged legal proceedings was unrelated to and unknowing of Mr. Cammarata’s efforts on behalf of Investview.

To the best of the Company’s knowledge, all relevant operations were completed before Mr. Cammarata joined Investview in December 2019.

To maintain company continuity and coordinate daily business activities, Investview has selected James R. Bell as the interim CEO in light of the present position and circumstances.

As a director of Investview since April 2020, Mr. Bell has played a crucial role in overseeing the Company’s operational come back to profitability.

It’s important to note that the charges of recovery fraud against Cammarata go back to his time at Investview.

According to the SEC’s lawsuit, the most recent incidence of Alpha Plus fraud is dated December 15th, 2020. The anticipated Alpha Plus range of fraud results from the communication exchange, which is probably ongoing through January 2021.

Cammarata had been CEO of Investview for a year at that time, nonetheless. In its lawsuit, the SEC says that Alpha Plus committed fraud on many occasions in 2020.

Investview’s alleged “operational return to profitability” is another intriguing aspect.

It also happens to be related to Investview’s ongoing securities fraud with Kuvera Global and now iGenius.

Because they don’t think cryptocurrencies are regulated, Investview has committed and is still committing securities fraud under Joseph Cammarata’s direction.

On Investview’s social media platforms, you may find evidence supporting this position.

For instance, Investview retweeted this piece written by Charles Gasparino for the New York Post on August 11th:

According to Gasparino, Gary Gensler of the SEC is wasting his time by attempting to regulate the “unregulatable” cryptocurrency trade sector.

Whether or if cryptocurrencies are regulated has no bearing on Investview’s securities fraud through iGlobal.

The problem is that genius passive investment trading bot is being used to commit securities fraud.

In US securities law, there is no exception for cryptocurrency-based securities fraud.

The Investview regulatory issues started in 2018 with a $150,000 CFTC fraud settlement.

In response, Wealth Generators was renamed Kuvera Global by Investview. Investview restarted it under the name iGenius after investor losses were experienced through several Kuvera Global offers.

In a perfect world, the regulatory probe into the Investview iGenius NDAU token securities scam would be sparked by Joseph Cammarata’s arrest.

BehindMLM cannot confirm or deny the existence of such an inquiry because of the confidentiality surrounding ongoing regulatory inquiries in the US.

In the future, it will be clear that Alpha Plus Recover was not an MLM business and was independent of Investview, except for Cammarata serving as its CEO.

Having said that, I have a hunch that Cammarata’s issues may come up if the SEC pursues enforcement against Investview and iGenius.

Because BehindMLM often covers regulatory cases, I won’t be covering Cammarata’s case in as much detail as I normally do. However, we’ll continue to keep you informed of any noteworthy developments for record-keeping purposes.

Update: On January 18, 2022, Cammarata entered a not-guilty plea to all charges. His release took place on December 29.

The date of the trial has been set for October 17, 2022.

Update: On February 14, 2022, the SEC complaint against Cammarata was delayed awaiting the resolution of his criminal prosecution.

The DOJ said in an application for the stay submitted on January 24

Most (if not all) of the criminal actions will be resolved through
not all) of the allegations made in the Civil Action against the defendants.

Later on on the same day, the motion was approved.

Update: Joseph Cammarata was apprehended while attempting to leave the US on March 14, 2022.

Cammarata’s release on bail was subsequently canceled, and he was returned to custody.

Update: On October 27, 2022, Joseph Cammarata was found guilty on eight counts from a superseding indictment.

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