SEC secures summary judgment against Joseph Cammarata

A federal court has ruled against Joseph Cammarata, the former CEO of Investview, on two counts of securities fraud. The summary judgment came down on August 31st, cementing what investigators had already proven in criminal court.

Cammarata's schemes didn't stay hidden for long. He was convicted on mail and wire fraud charges back in October 2022. When the SEC reopened its civil case against him in December, it was clear the reckoning wasn't finished.

The fraud itself was brazen. Cammarata orchestrated an elaborate recovery scam with co-conspirators Erik Cohen and David Punturieri. Over seven years, the three men stole $40 million from roughly 400 securities litigation distribution funds. These are pools of money set aside to compensate victims of securities fraud.

Here's how they pulled it off: They created three offshore shell companies—what the SEC calls "Sham Clients"—and filed false claims saying these entities had traded hundreds of millions in securities and lost money in the frauds underlying the distribution funds. The problem was simple: these companies never made any trades at all.

To make the lies stick, Cammarata's team fabricated trading records complete with phony account numbers. They submitted these fake documents to fund administrators. When questions came back, they lied. When administrators wanted to talk directly to the company directors, Cammarata's people impersonated them, using fake email addresses and posing as legitimate representatives on phone calls.

The desperation to keep the scheme alive showed in the details. Cammarata and his associates even discussed bribing a distribution fund administrator employee who was investigating their submissions. They dangled $1 million in front of this person to make the scrutiny stop.

Cammarata's position as an industry veteran gave the fraud credibility. Fund administrators trusted him because he had a reputation as an independent third-party broker. He weaponized that trust, using his expertise to deflect concerns and smooth over inconsistencies that should have raised red flags.

The SEC laid out its case methodically in a June 7th motion for summary judgment. Every element of the fraud was documented. Every lie was traceable. Every false document was preserved as evidence. When the court reviewed the facts, there was nothing left to debate. The evidence was overwhelming.

Cammarata tried to fight it. He filed a response. The SEC replied. But there was nowhere to hide. On August 31st, the judge granted summary judgment in favor of the SEC.

Now comes the financial reckoning. The court will determine damages later, which will almost certainly include disgorgement—forcing Cammarata to return the stolen money—plus civil penalties. For someone who spent seven years stealing from defrauded investors, the bill is about to come due.

🤖 Quick Answer

What was Joseph Cammarata convicted of?

How much money was stolen in Cammarata's fraud scheme?
Cammarata and his co-conspirators Erik Cohen and David Punturieri orchestrated a recovery scam spanning seven years, stealing approximately $40 million from roughly 400 securities litigation distribution funds designed to compensate victims of securities fraud.

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