Joseph Cammarata, the former CEO of Investview, has been found guilty of wire fraud and money laundering. He is now being charged with tax fraud.
His alleged tax fraud is related to Alpha Plus Recovery, just like his cases of wire fraud and money laundering.
As Cammarata’s indictment from September 22nd shows,
Alpha Plus Recovery LLC was set up on August 21, 2014, in the state of New Jersey.
Alpha Plus was in the business of putting together claims on behalf of individual or institutional shareholders who had a right to get money back from securities fraud class action settlements.
Joseph Cammarata, Erik Cohen, and David Punturieri, all of whom are the defendants, owned, ran, and ran Alpha Plus.
The bank accounts of Alpha Plus were signed over to the defendant Cammarata.
Three clients named by Alpha Plus are:
Nimello Holding LLC is registered in Gibraltar and New Jersey, and it has a PNC Bank account with the name “NJ Nimello.” Quartis Trade and Investment LLC is registered in the Bahamas and New Jersey, and it has PNC Bank, TD Bank, and Investors Bank accounts with the name NJ. Quartis Inversiones Invergasa SAS is registered in Colombia.
According to Cammarata’s indictment, he made “false and fraudulent claims” to claims administrators in SEC recovery cases through the three companies listed above.
TD Bank accounts under the names PB Trade LLC and Misc Holdings Corp. were used to clean the money from the fake claims.
Cammarata was the owner and manager of both of these accounts (right).
From around May 26, 2015, until around August 9, 2021, the defendant Joseph Cammarata used money from the PB Trade LLC TD Bank account to pay for his own things.
Between May 6, 2015 and February 19, 2020, the defendant, Joseph Cammarata, took $530,880 out of the PB Trade LLC TD Bank account.
Cammarata also used a brokerage account for PB Trade LLC at Merrill Lynch, Pierce, Fenner and Smith to launder money.
Between February 22, 2016, and July 15, 2021, the defendant, Joseph Cammarata, moved money from the PB Trade LLC TD Bank account to a personal TD Bank account that he and his wife shared.
All told, Cammarata stole “more than $18 million” from Alpha Plus clients by making up fake claims.
From around January 1, 2015, to around October 12, 2020, defendants Cammarata paid more than $4 million in personal expenses with money from bank and brokerage accounts in the names of PB Trade LLC and Misc Holdings.
The DOJ says that Cammarata broke the law by using the above business account.
tried on purpose to get out of paying a lot of the income tax that he and his wife owed to the US for the year 2015.
Cammarata is accused of keeping these amounts from the IRS:
$1.7 million in 2015 $2.5 million in 2016
$4.8 million in 2017
$3,500,000 in 2018 and $3,300,000 in 2019
Cammarata has been charged with five counts of tax evasion, one for each of the five years listed above.
Cammarata was charged with tax fraud, and his arraignment was on November 15. On all five counts, Cammarata pleaded not guilty.
On December 16, there was a ten-minute Status Conference, but Cammarata was not there.
So far as I know, the date for Cammarata’s tax fraud case has not been set. We’ll keep you up to date as we keep track of the case.
Joseph Cammarata was named CEO of Investview in 2019, even though Alpha Plus Recovery has nothing to do with MLM.
Cammarata was an executive at Investview and also ran the scam Alpha Plus Recovery.
After Cammarata was arrested in November 2021, he was fired from his job as CEO of Investview.
BehindMLM says that Investview’s iGenius MLM opportunity is and has been a form of securities fraud.
Cammarata was involved in the part of iGenius that dealt with investing in NDAU tokens. In regulatory filings from January 2022, Investview said that the SEC is looking into its iGenius opportunity.