An imprisoned Congers, N.Y., man who claimed to be an investment advisor, has been permanently barred from the financial industry for stealing more than $1 million from each of three investors, the Securities and Exchange Commission announced Thursday.
Stephen A. Colangelo pleaded guilty to two counts of securities fraud and two counts of wire fraud in 2013 and was sentenced to seven years in prison and ordered to pay the investors a total of $3.5 million. He is currently in federal prison in Pennsylvania.
Colangelo told investors he would share in the profits of their investments in the Brickell Fund, a pooled investment fund, and three start up funds, Hedge Community, Start a Hedge Fund and Under the Radar. He lied to investors about the investments and used the money for himself, the SEC complaint says.