Former "Wolf of Wall Street" Employee Accused of Scamming Elderly Investor

Local News, Crime, Business & Finance

Christopher Veale and his colleague, Ali Habib Mayar, have been placed under investigation for scamming an 81-year-old Rhode Island investor.

Massachusetts regulators have accused Christopher Veale, an ex-Stratton Oakmont employee, of scamming an elderly investor. The former Strattonite was in contact with the 81-year-old between 2010 and 2012. 
 
Regulators allege that the elderly Rhode Island investor put $873,622 into his account with Veale. He was also charged $319,818 in commissions and hidden fees. Due to this, Veale, and a colleague at Brookville Capital Partners LLC, Ali Habib Mayar, are under an investigation headed by the Secretary of the Commonwealth William Galvin. 
 
Galvin’s report states “Senior Investor attempted to close his Brookville account twice, but both times was convinced to keep the account open. Specifically, Veale persuaded Senior Investor that he could turn the account around and promised Senior Investor that he would significantly increase profits, but that the only way Veale could make that happen was if Senior Investor put in another $200,000.”
 
The language describing Veale’s dealings with the elderly man in Galvin’s investigation is identical to the scripts Jordan Belfort handed Stratton Oakmont employees when they dealt with possible investors. Veale was employed at the Long Island based company in Lake Success, made famous by Martin Scorsese’s “Wolf of Wall Street”, from 1995 to 1996 –the year the brokerage firm shut down. Prosecutors say Stratton Oakmont pushed penny stocks and manipulated their prices. 
 
Since then he has worked with seventeen different firms. One of those firms was John Thomas Financial Inc. This particular firm shut its doors last year over fraud allegations.
 
 
comments powered by Disqus

Join Our Weekly Newsletter

Sign up for a free weekly newsletter covering things to do, hottest local headlines, and everything Long Island! Read more here or enter your email to signup.

   
     Newsletter Archive
Advertisement
Advertise With Us
 
Open Feedback Dialog