PHILIP E. MORIARTY II Enters Guilty Plea For Defrauding Investors of $1.1 Million

PHILIP E. MORIARTY II (CRD# 1989641), an investment advisor, pleaded guilty to defrauding investors of $1.1 million in an Illinois federal court. Moriarty plead guilty to one count of wire fraud in a scheme in which he told the investors they were buying shares in companies, when in fact, Moriarty used their money for his own personal expenses, which included a $39,100 payment to a golf, hunting, and fishing club, and $23,000 to a boarding school.
According to the filing in federal court for Illinois’s northern district Feb. 16^th, between 2008 and 2010, Moriarty obtained approximately $1.15 million from four investors. Philip E. Moriarty II told the investors the money would buy shares in Moriarty’s Chicago-based First Street Capital Partners, and in another business that Moriarty co-owned, Teton Acadia Capital Partners. Moriarty made fictitious documents to make it appear the money was used as intended. Moriarty also told the four investors that his firm, First Street, was purchased by a larger financial services company, and that their previous investments in his business would be converted to the larger company’s stock at a 25 percent return. Moriarty then had one of his investors give him an additional $250,000 which was to be used for investing in the larger company, which never acquired Moriarty’s firm.
Prosecutors recommended that Moriarty serve between 41 and 51 months in federal prison. Sentencing for PHILIP E. MORIARTY II has been set for June 21.
PHILIP E. MORIARTY II has worked in the securities industry for 20 years and was previously registered with the following companies:
04/2014 - 01/2015 CATE STREET SECURITIES, LLC - PORTLAND, ME
06/2011 - 10/2012 GUGGENHEIM INVESTOR SERVICES, LLC - NEW YORK, NY
04/2008 - 03/2011 G EQUITY INVESTMENT GROUP LTD. - SAN DIEGO, CA
11/2005 - 03/2008 CALAMOS FINANCIAL SERVICES LLC - NAPERVILLE, IL
03/2001 - 08/2005 UBS SECURITIES LLC - NEW YORK, NY
If you were a victim of PHILIP E. MORIARTY II, or found yourself in a similar situation, call Soreide Law Group for a free consultation with an attorney on the possible recovery of your investment at: 888-760-6552.