US Virgin Islands Investment Advisor Arrested for Multimillion-Dollar Fraud

By: - February 22nd, 2013

Above: St Thomas

By the Caribbean Journal staff

James Tagliaferri, who managed and controlled TAG Virgin Islands, a Virgin Islands-based investment firm, was arrested in St Thomas Friday for a allegedly executing a scheme to defraud TAG clients, US Attorney for the Southern District of New York Preet Bharara and Inspector-in-Charge of the New York office of the US Postal Inspection Service Keith Milke.

Tagliaferri allegedly received undisclosed payments in exchange for causing his clients to invest in certain securities, used clients funds for improper resources and “caused false and fictitious securities instruments to be placed in client accounts,” according to a release.

He received more than $3 million in undisclosed payments in connection with the fraud, according to prosecutors.

“As alleged, James Tagliaferri concocted an elaborate scheme to defraud his clients, including taking millions of dollars in undisclosed compensation in exchange for placing their hard-earned money in certain investments,” Bharara said. “Financial advisors have a professional and legal responsibility to act in their clients’ best interests, which is exactly the opposite of the conduct in which Tagliaferri allegedly engaged.”

The indictment against him was unsealed in federal court in New York on Friday.

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