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New Jersey AG Paula Dow Announces $8M Settlement with Sarafino Holdings

This is a settlement for the Securities/Stock Fraud lawsuit.

Newark, NJ: Sarafino Holdings LLC, an investment company in northern New Jersey, has reached a settlement agreement with the Attorney General's office which will permanently bar Anthony Lucchetto Jr. form working in the securities industry in New Jersey.

According to AG Paula Dow, Lucchetto ran a Ponzi scheme through his company - Sarafino - which involved at least 75 investors. Dow's office brought a lawsuit against Lucchetto and Sarafino, the settlement for which will require that the investment broker pay $8 million - $7.2 million of which will go to investors who suffered losses, and $1 million will be paid in civil penalities.

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Published on Apr-13-11


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