JOSEPH R. GALLARDO (CRD# 4100045A), 48, formerly from Bartonsville, Pennsylvania, pled guilty in federal court to mail fraud, a charge stemming from an investment fraud which caused his clients a combined loss of $1.8 million.
According to court documents, allegedly Gallardo persuaded clients to invest in Blue Meadow Group LLL, which was his own personal real-estate venture. Victims were guaranteed high rates of return and were incorrectly advised that their money was invested in and protected by real estate. However, Blue Meadow Group was not a real-estate investment trust and it was not registered. Instead Gallardo used the money to buy a gas station and convenience store and to fund his own online trading account, which lost a considerable amount of money.
JOSEPH R. GALLARDO, according to FINRA's BrokerCheck, was previously registered with the following securities firm(s):
11/2008 - 02/2009 BROKERSXPRESS LLC (CRD# 127081) - BARTONSVILLE, PA
12/2003 - 12/2008 INVESTORS CAPITAL CORP. (CRD# 30613) - LYNNFIELD, MA
09/2001 - 12/2003 QUICK & REILLY, INC. (CRD# 11217) - NEW YORK, NY
05/2001 - 09/2001 ESSEX NATIONAL SECURITIES, INC. (CRD# 25454) - NAPA, CA
07/2000 - 04/2001 AMERICAN EXPRESS FINANCIAL ADVISORS INC. (CRD# 6363) - MINNEAPOLIS, MN
07/2000 - 04/2001 IDS LIFE INSURANCE COMPANY (CRD# 6321) - MINNEAPOLIS, MN
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