The U.S. Securities and Exchange Commission is accusing a Schenectady man of essentially posing as a stock broker and duping investors out of $8.8 million over the past three years.
The man, Scott Valente, runs an investment firm called ELIV Group that has an office on Wolf Road in Colonie as well as in Orange County.
However, Valente isn’t a registered broker, and he was barred from the industry in 2009. The following year, he started ELIV and began signing up clients. He reported fake returns in excess of 45 percent annually from 2010 to 2013.
Reached on Tuesday by phone, Valente denied the charges made by the SEC.
“I’m sorry, but everything is completely wrong,” Valante said of the complaint, which was filed in U.S. District Court in New York City. He declined further comment.
The SEC alleges that Valente used $2.6 million from clients on funding a “lavish lifestyle” and that he put all the money collected from clients in a single bank account.
On his web site, Valente says that he invests 40 percent of his portfolio in initial public offerings and that he was able to secure IPO shares of Twitter.
The U.S. Securities and Exchange Commission is accusing a Schenectady man of essentially posing as a stock broker and duping investors out of $8.8 million over the past three years.
The man, Scott Valente, runs an investment firm called ELIV Group that has an office on Wolf Road in Colonie as well as in Orange County.
However, Valente isn’t a registered broker, and he was barred from the industry in 2009. The following year, he started ELIV and began signing up clients. He reported fake returns in excess of 45 percent annually from 2010 to 2013.
Reached on Tuesday by phone, Valente denied the charges made by the SEC.
“I’m sorry, but everything is completely wrong,” Valante said of the complaint, which was filed in U.S. District Court in New York City. He declined further comment.
The SEC alleges that Valente used $2.6 million from clients on funding a “lavish lifestyle” and that he put all the money collected from clients in a single bank account.
On his web site, Valente says that he invests 40 percent of his portfolio in initial public offerings and that he was able to secure IPO shares of Twitter.
Nah, he's not a Schenectady resident. Anyone with that kind of money and a brain would never live in Schenectady. Only has a Schenectady mailing address but lives in Guilderland--twice the house, half the taxes--but apparently smart enough not to have his name on the house.
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
Nah, he's not a Schenectady resident. Anyone with that kind of money and a brain would never live in Schenectady. Only has a Schenectady mailing address but lives in Guilderland--twice the house, half the taxes--but apparently smart enough not to have his name on the house.
he could be....maybe prepping for the casino?
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
I though this thread was about Metroplex until I realized it was only $8.8 million. That's small beans when it comes legislators duping "investors".
Oh my gosh, that is SO GOOD!
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
Logged
good one!!
