Glen Cove Man Pleads Guilty To $500K Stock Fraud

By Ishan Shah

A Glen Cove investment broker pled guilty last Friday to charges related to charges of defrauding investors in a $500,000 stock scheme.

Peter Quartararo, age 57, was charged with five counts of second-degree grand larceny, and one count of first-degree defrauding scheme.

Nassau District Attorney Donnelly stated that at the beginning of July 2018, and continuing through January 2021, Quartararo met with six victims, informing them that he had access to “Pre-IPOs,” with companies such as Pelton, Airbnb, Petco, and WeWork, for only $2.00 a share.

“Peter Quartararo swindled investors, promising them pre-IPO stock in fast-growing companies that seemed too good to be true,” stated DA Donnelly. “Instead of celebrating financial success, these investors lost hundreds of thousands of dollars to this defendant, who spent their money on food, traveling and a sports car.”

According to DA Donnelly, Quartararo told his victims that as the companies go public, he would sell the shares, and give any of the profits to them.

Quartararo’s next court date is June 14th. His prison sentence is expected to be between two to seven years, when he is sentenced.

Quarterero was previously charged by the SEC with stock fraud and is barred from trading in stocks.