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SEC sues Amherst financial adviser

Financial adviser Tarek D. Bahgat of Amherst posed as his clients in order to misappropriate $378,000, according to a new lawsuit by the Securities and Exchange Commission.

The suit, filed in Buffalo federal court, claims Bahgat also used the Web to transfer money from his clients' accounts to his own personal accounts.

Bahgat, 55, and now believed to be in Egypt, is accused of cheating seven of his clients, many of them retired doctors and friends.

In the civil suit, the SEC also names WealthCFO, one of Bahgat's companies, and Lauramarie Colangelo 47, of Amherst, believed to be his assistant.

 

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