Meyer Wilson is investigating claims that Philip Incorvia, a long-time broker at Henley & Co. out of New York, may have sold clients fraudulent investments. Incorvia died in August 2021. After his death, victims have come forward to allege that Incorvia sold them what now appear to be fictitious funds, including Vanderbilt Realty Investors and Jefferson Resources. Incorvia worked out of a branch of Henley & Co. in Shoreham, New York from 2006 until his death in 2021.
Public records show that Incorvia had previously been the subject of two customer complaints and a regulatory action in which Incorvia was fined and sanctioned for allegedly signing customers signatures on paperwork without their knowledge or approval.
The investments in Vanderbilt Realty Investors and Jefferson Resources are alleged by investors to be a Ponzi scheme - a fraudulent investment operation that pays “returns” to investors from their own money, or money paid by later investors, rather than from an actual earned revenue. These schemes are illegal and operate on the “rob Peter to pay Paul” principle, where money from new investors is used to pay off the previous investors.
Once the scheme itself unravels—as they always do—investors are left asking themselves, “How can I get my money back?”
Brokerage firms, like Henley & Co., can be held responsible for the losses sustained by victims of the fraud if the firm failed to adequately supervise its broker. Brokerage firms may not turn a blind eye while their representatives sell sham investments otherwise run rampant with its customers’ assets. They have an affirmative duty to implement and operate a robust supervisory system that adequately monitors and detects this type of misconduct. If their supervisory systems fail, they can be held liable for failing to meet the standard of care owed to investors.
Proving that a brokerage firm was negligent, and that their negligence allowed broker misconduct, can be difficult and often requires extensive investigation on the part of a qualified attorney. The investment fraud attorneys with Meyer Wilson represent investors nationwide and have recovered millions of dollars in losses for clients. If you lost money working with Philip Incorvia, we would like to talk to you about your legal options. Call us or complete our online form for a free case evaluation.