A Pennsylvania couple who owned a purported Red Bank investment firm that offered specialized financial services for podiatrists have been indicted on state charges of bilking their clients out of more than $500,000, the Star-Ledger is reporting.


From the article:

Jeffrey Lafferty, 39, and Vincella Ross, 38, were charged in a five-count indictment handed up in Trenton yesterday by a state grand jury, Attorney General Anne Milgram said. They are charged with conspiracy, money laundering, securities fraud and other counts.

The couple ran Lafferty & Partners LLC, which specialized in providing wealth management for podiatrists and was affiliated with a member organization for podiatrists, authorities said. Lafferty and Ross allegedly spent the money investors gave them on a home in Green Lane, Pa., and for expenses including airline tickets, hotel rooms and mortgage payments, authorities said.

Lafferty was permanently barred from the securities industry in 2004 after the New York Stock Exchange determined he stole client funds while working at a brokerage firm, authorities said.

The couple were arrested this morning at their Pennsylvania home, according to a press release on the AG’s website. The indictment has also been posted there.

The release says the business, Lafferty & Partners LLC, used a Red Bank mailing address. The Associated Press, in a story carried by the Asbury Park Press, reports that the firm has offices on Mechanic Street.

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