IBN Financial Services – Investor Lawsuit Investigation
The White Law Group is investigating potential securities fraud claims involving IBN Financial Services, Inc. (CRD#: 42360), a FINRA-registered brokerage firm headquartered in Liverpool, New York. The firm has been the subject of multiple regulatory sanctions and supervisory failures, particularly tied to the sale of high-risk alternative investments. These issues have reportedly caused significant losses for investors. Individuals who purchased securities through IBN Financial or its representatives may be entitled to pursue claims to recover damages.
About IBN Financial Services
Founded in 1997, IBN Financial Services is a FINRA-registered brokerage firm employing roughly 80 registered representatives across 25 branch offices. As of March 2024, the firm reported managing approximately $163 million in assets under management (AUM). Despite its long history, the firm has faced regulatory issues. FINRA BrokerCheck lists at least nine regulatory events for IBN, including sanctions, fines, and censures, many related to supervisory failures and the sale of risky alternative investments.
SEC Charges: Par Funding Scheme
In 2022, the SEC charged Camarda, AG Morgan Financial Advisors, and former IBN compliance officer James McArthur (CRD#: 2797856) in connection with the Par Funding scheme, a fraudulent offering that raised over $500 million. According to the SEC, Camarda and his firm allegedly:
- Raised more than $75 million from investors through unregistered promissory notes.
- Collected more than $7 million in compensation.
- Sold unapproved investments such as AGM Fund I and II, in violation of securities laws.
This type of conduct is known as “selling away,” where brokers improperly sell products outside the supervision of their broker-dealer, exposing investors to heightened risks of fraud and loss.
Recent FINRA Sanctions Against IBN Financial
- January 2025 – Reg BI Failures: FINRA fined IBN $50,000 and censured the firm for failing to supervise recommendations of GWG L Bonds. A compliance officer was suspended and fined for supervisory lapses.
- January 2025 – Rep Suspension: IBN representative Angelo Piccone was suspended for violating Reg BI after concentrating a customer’s account 77% in speculative products. Piccone has three pending customer complaints.
- April 2022 – GPB Capital: FINRA fined IBN $45,000 and ordered restitution for selling GPB Capital private placements without disclosing audit delays. GPB was later exposed as a $1.7 billion Ponzi-like scheme.
- 2021–2022 – Supervisory Failures: IBN was fined $30,000 for failing to monitor outside business activities tied to private placements.
Broker Misconduct – Vincent Camarda & James McArthur
Vincent Camarda (CRD#: 2463703) has one of the more extensive regulatory records among brokers tied to IBN. FINRA BrokerCheck lists 23 disclosure events, including numerous customer complaints and arbitration awards. Allegations against Camarda include negligence, breach of fiduciary duty, and unsuitable recommendations. Many claims are tied to high-risk products such as GWG L Bonds, GPB Capital, and Par Funding. His disciplinary record includes millions of dollars in arbitration awards and SEC charges, underscoring ongoing supervisory and compliance failures.
James McArthur (CRD#: 2797856), a former compliance officer and IBN representative, also has a troubling history. BrokerCheck reportedly lists 14 customer complaints totaling over $18 million. Allegations include negligence, failure to supervise, and breach of fiduciary duty. Like Camarda, McArthur was charged by the SEC in the Par Funding case, further highlighting supervisory lapses within IBN and its associated advisers.
Risks for Investors
- Unsuitable recommendations of alternative and private placement investments.
- Supervisory failures and conflicts of interest.
- Failure to disclose material risks to clients.
- Exposure to fraudulent schemes such as Par Funding, GWG L Bonds, and GPB Capital.
Recovery Options – FINRA Arbitration vs. Class Action
Investors who suffered losses with IBN Financial Services or brokers such as Camarda and McArthur may be able to pursue recovery through FINRA arbitration. Arbitration often provides a faster and more efficient process than class action litigation. Broker-dealers may be held liable for failing to supervise financial advisors who engage in misconduct.
Free Consultation with Securities Fraud Attorneys
If you invested with IBN Financial Services, Vincent Camarda, or AG Morgan Financial Advisors and suffered losses, you may have options to recover damages. Contact The White Law Group at (888) 637-5510 for a free consultation. For more information, please visit whitesecuritieslaw.com.
The White Law Group is a national securities fraud, arbitration, and investor protection law firm with offices in Chicago, Illinois and Seattle, Washington.
FAQs About IBN Financial & Vincent Camarda
What are the SEC charges against Vincent Camarda?
In 2022, the SEC accused Camarda, AG Morgan, and James McArthur of selling unregistered securities in the Par Funding scheme, raising over $75 million from investors.
What does “selling away” mean?
Selling away occurs when a broker sells investments not approved by their firm, often exposing investors to greater risks of fraud and loss.
Can I recover losses from IBN Financial Services or Vincent Camarda?
Yes. Many investors may be eligible to file FINRA arbitration claims against IBN, AG Morgan, or associated brokers for supervisory failures and unsuitable recommendations.
What recent arbitration awards were issued against Camarda?
In August 2025, FINRA panels issued three separate awards against Camarda and McArthur totaling more than $6 million in damages and sanctions.
