Barred broker indicted for stock fraud scheme

Continued from Page 13 with risk, but investors should never have to worry that the financial professionals they are trusting with their money will steal from them.”

Donnelly said in the press release that the fraudulent scheme started in July 2018 and continued through January 2021.

During those 2 ½ years, Quartararo met with the six victims and proposed to them preIPO stock in the high-profile companies for approximately $2 a share. He told them he would sell the shares and give the profits to the victims when the companies went public.

The amount each victim provided to Quartararo ranged from $14,000 to $202,000 in cash and checks to purchase the alleged preIPO shares.

The district attorney’s investigation found that Quartararo did not purchase any shares of stock in the pre-IPO companies. Instead, the checks and cash were deposited into accounts controlled by Leonard Quartararo, Peter Quartararo’s father, Paul Casella, Peter Quartararo’s business partner, and another uncharged individual.

The SEC confirmed that no shares of IPO stock in Peloton, WeWork, Airbnb or Petco were ever purchased by the defendant, according to the district attorney’s press release.

Quartararo was arrested by Nassau County district attorney detective investigators in April 2021 and re-arrested in August 2021 on additional charges.

Co-defendant of East Meadow Paul Casella, pleaded guilty to criminal facilitation in the fourth degree on Dec. 14. He was sentenced to a conditional discharge.

Co-defendant Leonard Quartararo, 80, pleaded guilty to criminal facilitation in the fourth degree on July 22, 2021. He was also sentenced to a conditional discharge.

If you believe you were the victim of an investment fraud perpetrated by Peter Quartararo, Paul Casella or Leonard Quartararo, the Nassau County District Attorney’s Office asks that you contact their Financial Crimes Bureau at 516-571-2149.