Meyer Wilson

Recovering Losses Caused By Investment Misconduct

Alleged Stockbroker Fraud Results in Lawsuit

A New York broker faces another lawsuit brought by former clients claiming that he committed stockbroker fraud. The lawsuit claims that Mark Casolo, of Voorheesville, embezzled approximately $1.5 million from clients between 2007 and 2009.

Past clients in Saratoga County have brought forth the suit. The victims claim that Casolo, who worked for Westrock Advisors and later Reid & Associates, moved their money into bank accounts for “sham” corporations that he had previously set up. The funds were allegedly placed into several upstate New York restaurants.

It is unclear as to how many clients Casolo allegedly embezzled from. However, a former school bus driver and a 78-year-old woman are among the plaintiffs accusing Casolo of stockbroker fraud.

Earlier in the year, the broker was found liable for $1.9 million in a prior stockbroker arbitration case. Casolo was with the Albany-based McGinn, Smith and Co. when he supposedly committed this round of stockbroker fraud.

According to reports, the Security and Exchange Commission (SEC) is currently investigating the case. It is unclear as to where the SEC is with their investigation and when, if any, charges will be filed.

Reports also indicate that Casolo recently filed for bankruptcy protection.

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