A previously barred Glen Cove investment broker stole more than $80,000 from victims who believed they were investing in shares of DoorDash, Airbnb and Petco, Nassau prosecutors said.
Peter Quartararo, 56, who was first arrested in April on similar fraud charges, was arraigned Tuesday in Mineola and charged with second and third-degree grand larceny. Quartararo, who was released on his own recognizance, faces five to 15 years in prison if convicted of the top count.
"This defendant has now been arrested twice this year for allegedly defrauding multiple victims with the same empty elevator pitch, stealing more than $500,000 in total from his victims and never delivering on his promises," said Acting Nassau County District Attorney Joyce A. Smith. "This case further highlights the need for investors to diligently review the credentials and licenses of the financial professionals they work with to ensure they are credible and operating with integrity."
Gerard Donnelly, Quartararo's Hauppauge-based defense attorney, did not respond to a request for comment.
Quartararo and a co-conspirator were charged with grand larceny last year for allegedly stealing $436,000 from four investors who believed they were investing in pre-IPO stock for several high-profile firms.
Prosecutors said the most recent scam began in August 2020 when Quartararo introduced himself to his first victim at a tenants-only barbecue at his apartment complex.
Quartararo, who said to be an investor and financial adviser — despite being barred from operating as a stockbroker in 2013 — told the victim that he had pre-initial public offering shares of DoorDash and Airbnb at $2-per share that he was willing to sell, prosecutors said.
The individual gave Quartararo $11,500 in cash and later wired him an additional $58,000, authorities said.
Quartararo told another victim, who he also met at his apartment building in June 2020, that he could get stocks "on the ground floor," prosecutors said. The second victim gave Quartararo $14,000 in Jan. in exchange for what he believed were shares of Petco at $1.65 each.
But Quartararo never delivered any shares to the victims, investigators said.
An investigation by the DA's office showed Quartararo never purchased any shares of stock in the pre-IPO companies on the victims’ behalf, instead using the money for food, travel, a 2020 Mercedes-Benz SUV and as the down payment on a Maserati.
Quartararo is due back in court Oct. 20.