Federal authorities in New York announced they charged New York Investment Advisor Joseph D’Ambrosio for fraud. Authorities say he defrauded clients who believed they were investing in securities and other investments. D’Ambrosio also entered a guilty plea before U.S. District Judge P. Kevin Castel.

U.S. Attorney Jay Clayton told the media:

“Joseph D’Ambrosio stole more than $5 million from his friends and family and hid this fraud until the money ran out. Fraudsters often prey on those close to them – friends, family, members of religious and social groups – using their trust to exploit them.  This Office will bring those who violate that trust to justice and recognizes Mr. D’Ambrosio’s self-reporting and acceptance of responsibility.”

USPIS Acting Inspector in Charge Edward Gallashaw also told the media:

“For years D’Ambrosio, using deceptive tactics, allegedly stole from people who trusted him all in the name of greed. What makes D’Ambrosio’s alleged conduct especially appalling is that his victims were personal friends and family.  The Postal Inspection Service will continue investigating fraud cases such as these and will hold individuals accountable who use their professional positions as a mechanism to steal from trusting investors.”

The indictment stated that from 2010 through December 2024, D’Ambrosio operated Heresford Holdings. Heresford Holdings was a private investment firm for him, his family, and his friends. 

D’Ambrosio told investors their Hereford funds were in a private fund managed by an investment advisor. In reality, D’Ambrosio misappropriated investor funds for his personal use.

D’Ambrosio also used new investor funds to pay investors who sought withdrawals in a Ponzi-like fashion. In December 2024, facing withdrawal requests he could not honor, D’Ambrosio confessed to his crimes.

D’Aabrosio fraudulently obtained more than $5 million from investors during the course of his fraud scheme. Neither D’Ambrosio nor Hereford were registered with the SEC.

Prosecutors have charged D’Ambrosio with one count of investment adviser fraud. This charge carries a maximum sentence of five years in prison.

Also, Check Out More About Financial Fraudsters On MFI-Miami.com