Our firm is fully operational and working remotely in the midst of the Coronavirus impacting New Jersey. Please feel free to call us or contact us online for a free consultation with one of our lawyers.

Franklin Lakes NJ Stockbroker Accused of Stock Scam, Charged with Fraud

A Franklin Lakes NJ stockbroker has been charged with fraud crimes in connection with a stock scam.

According to law enforcement, the illegal scheme was masterminded by another person who had previously been convicted on fraud charges. The stock scam was allegedly carried out between 2009 and March 2015.

The 43-year-old Franklin Lakes man allegedly accepted two payments for a total amount of $35,000 in exchange for participating in a scheme to trade VGTel Inc. stock at inflated values.

The 63-year-old man who allegedly masterminded the scam is said to have secretly controlled stock while arranging for phony sales to inflate its price. He reportedly netted more than $15 million from approximately 100 investors.

Now the Franklin Lakes suspect has been formally charged in the case. He faces federal charges in U.S. District Court in New York for conspiracy, securities fraud, wire fraud, and perjury.

The suspect will have to appear in the U.S. District Court for the Southern District of NY in order to answer the charges against him. If he is ultimately convicted on the most serious federal charges, he faces a lengthy prison sentence and as much as $5 million in monetary fines.

Two other men have already pleaded guilty to multiple criminal charges in connection with the stock scam. They are reportedly cooperating as government witnesses in the case against the Franklin Lakes NJ stockbroker.

Additionally, other individuals who have been charged in the scam include a 52-year-old adviser from Los Angeles, CA and a 67-year-old investment adviser from Cleveland, Ohio.

To learn more about this case, view the NJ.com article, “Stockbroker from Franklin Lakes Arrested in Connection with Alleged $15M Fraud.”

Testimonials

  • No promises, just a Pro!

  • Excellent Lawyer... Helped me in every step off my Case..

  • Great work

  • Best lawyer!!

  • FRO removal success!!

  • Easy to work with, straightforward

  • Kept my license

  • Father of client

  • Excellent Attorney , Charges Dismissed as promised

  • Helped every step of the way

  • Avoid mandatory jail time on shoplifting charges

  • GREAT – HONEST- ATTORNEY -AND – VERY GOOD

  • Help

  • Did the job he was hired to do

  • Great lawyer

  • Simple assault charge was dropped

  • Top Notch Representation

  • Well worth it.

  • DUI Case Dismissed

  • 2 felony charges dismissed

  • Cameron bury

  • great attorney

  • Hands Down Professional and delivers results!!!

  • DUI case dismissed

  • 125 stars out of 10!!

  • Excellent at getting best outcome

  • Excellent Attorney

  • TRO Dismissal

  • Efficient Excellent attorney.

  • Excellent attorney

  • Travis successfully defended me in an unprecedented Final Restraining Order Trial with ease

  • Kick Ass Attorney!

  • Efficient and professional attorney

  • Great Lawyer And Great Results

  • Top Notch DUI Attorney

  • Client Domestic Violence

  • Restraining Order

  • A real pro in a time of need - DWI Dismissed.

  • The most experienced, patient and affordable attorney

  • Travis Tormey successfully had a False TRO against me dismissed.

  • Underaged Drinking

  • Underaged Drinking

  • DUI Dismissed

  • Saved me from a DUI. HIGHLY recommended

  • Restraining Order

  • Case dismissed with Data Driven Facts

  • Respectful. Attentive. Professional.

  • Trespassing and Under the Influence Disorderly Persons charges

  • If you are reading this- You have reached the right place! Undoubtedly, the BEST Law Firm in New Jersey!

  • Amazing attorney with a heart of gold

  • Exceeded my expectations, Highly Professional Attorney

  • Responsive and knowledgeable.

  • The Tormey law firm was very kind and professional

  • Expungement

  • Travis Tormey is a True Professional Who Kept Me Out of Jail

  • Saved me a whole ton of problems

  • Travis Tormey Review

  • A nightmare case, with a happy ending.

  • Elite NJ Marijuana Attorney! 5 Stars!!

  • An Excellent lawyer!

  • Great lawyer for DUI

  • I highly endorse Travis Tormey.

  • Travis Tormey Law Firm

  • Travis is a Lifesaver

  • Travis J. Tormey - Evaluation

  • Great Lawyer. Got me off exactly what I wanted

  • Consummate Professional!

  • Great Criminal Defense Lawyer

  • Good Service

  • Exceptional Lawyer

  • Exceptional Lawyer

  • Hired to defend me for aggravated assault

  • Hired to defend me in a restraning order

  • Excellent attorney, highly recommend his talents

  • DWI Counsel

  • I highly recommend Mr. Tormey

  • Great attorney

  • Travis Tormey, Esq. - Great Results!

  • Travis Tormey - Excellent Attorney-Kind and Trustworthy

  • Excellent Attorney-Trustworthy and Kind

  • An Outstanding lawyer!!! That will represent you in the correct way!

  • Excellent Attorney! You will not be dissapointed....

  • Travis Tormey Gets Results!

  • tormey

  • Success!!

  • Travis Tormey Review

  • Only Lawyer I Recommend

  • Very Grateful

  • Attorney review of Travis Tormey

  • Excellent

Experience You Can Trust

With unmatched knowledge and experience in the practice of law, the seasoned attorneys at The Tormey Law Firm are committed to serving their clients and tenaciously confronting the allegations against them.

We will examine every facet of your case in order to defend your constitutional rights and reputation. With a dedicated legal advocate to assist you, our attorneys will ensure that you are never forced to navigate the complex legal process on your own.

Learn More About How to Fight Your Charges

If you've been charged with a criminal offense, disorderly persons offense, or traffic / DWI violation, you have the right to an attorney who will defend you against your charges and fight for your best interests. To learn more about how your attorney can fight to have your charges dismissed or reduced, click a link below to see our video library of legal defenses and strategies.

The Tormey Law Firm

Areas we serve

Bergen County, Essex County, Morris County, Passaic County, Hudson County, Middlesex County, Somerset County including Morristown, Denville, Dover, Mount Olive, Parsippany, Hackensack, East Rutherford, Elmwood Park, Englewood, Fort Lee, Garfield, Lodi, Lyndhurst, Mahwah, Palisades Park, Paramus, Ridgefield Park, Saddle Brook, Teaneck, Clifton, and Wayne.

  • Hackensack Office

    254 State Street Hackensack, NJ 07601

    (201) 556-1570

    view larger map

  • Morristown Office

    55 Madison Avenue Suite 400, Morristown, NJ 07960

    (908) 336-5008

    view larger map