SECURITIES FRAUD and CRIMINAL CHARGES: Robert P. DePalo and Joshua B. Gladtke
SECURITIES FRAUD and CRIMINAL CHARGES: Robert P. DePalo, Joshua B. Gladtke, Gregg A. Lerman, Arjent LLC, Arjent Limited, Pangaea Trading Partners, and Excalibur Asset Management
The SEC has announced today that fraud charges are being brought against Robert P. DePalo and Joshua B. Gladtke for securities and investment fraud. They were charged with violating the antifraud and books-and-records provisions of the federal securities laws. The New York District attorney has also brought criminal charges against DePalo and Gladtke.
The SEC complaint states that Robert DePalo and Joshua B. Gladtke sold shares of a holding company, which they owned, called Pangaea Trading Partners. They misrepresented the value of Pangaea Trading Partners to investors, and Robert P. DePalo was said to have transferred $2.3 million dollars of investor funds into his own bank account to use for a lavish lifestyle. To cover up their fraud, they falsified records which were given to examiners at the SEC.
Arjent, Pangaea, and Excalibur, were all companies owned and controlled by DePalo, and were also named in the complaint, along with Gregg A. Lerman who was a principal at Arjent LLC. Gregg A. Lerman agreed to settle the charges, and subject to court approval, Lerman is enjoined from future violations with any disgorgement and financial penalty amounts to be determined by the court at a later date.
Israels & Neuman PLC is a national securities and investment fraud law firm with offices in Bellevue and Denver, Colorado. We represent investors in FINRA arbitration proceedings in all 50 states. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including LPL Financial, Merrill Lynch, Morgan Stanley, Smith Barney, Stifel Nicolaus & Company, UBS Financial Services, Oppenheimer, Charles Schwab, Wells Fargo Advisors, Ameriprise Financial Services, Raymond James Financial Services, ProEquities, Securities America, National Securities Corp., and many others.
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