Barred broker indicted for stock fraud scheme

BY CAMERYN OAKES

A barred investment broker from Glen Cove has been indicted on charges related to a stock fraud scheme of $520,000 collected from investors who believed they were investing in several highprofle companies including Peloton, WeWork, Airbnb & Petco, according to a press release from Nassau County’s district attorney.

Six investors believed they were investing in pre-initial public ofering, pre-IPO, stock for these companies, but Peter Quartararo, 57, was allegedly using the money for personal luxury items and travel. These items included a 2020 Mercedes Benz SUV, and the money contributed to a down payment on his Maserati.

Quartararo was charged during an arraignment on

Thursday with fve counts of grand larceny in the second degree, one count of grand larceny in the third degree and one count of scheme to defraud in the frst degree.

If convicted of the top count, Quartararo may face the maximum sentence of fve to 15 years in prison.

He pleaded not guilty and was released without having to post bail. His next court date is set for April 3.

Quartararo had previously been barred from working as a stockbroker in March 2013 by the Financial Industry Regulatory Authority (FinRA).

Peter Quartararo was indicted Thursday for charges related to a stock fraud scheme that allegedly stole $520,000 from victims.

“This defendant allegedly tricked investors into believing they were getting in on the ground foor on high-profle companies that were going public,” Nassau County District Attorney Anne Donnelly said. “Instead, investors lost hundreds of thousands of dollars in funds that the defendant allegedly then used on luxury purchases, including a sports car. Investing in the stock market always comes

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