You would see a lot of ruckus over shoplifting cases, looting, and whatnot. Those people steal what, 20k worth of goods? What bout a guy who stole over 500k??
Today I’m talking about a case that you probably didn’t even hear about. The Chris Conover case.
This wealth advisor defrauded his clients and stole hundreds of thousands of dollars from them.
Here’s more:
SEC Sanctions Hudson Companies Advisor Chris Conover
Chris Conover, a financial advisor based in Pearl River, New York, has been sanctioned by the Securities and Exchange Commission (SEC) for charges that he failed to disclose conflicts of interest. According to data kept by the Financial Industry Regulatory Authority and the Securities and Exchange Commission, he is now registered with Hudson Companies as an investment advisor.
According to the BrokerCheck report, Mr. Conover is subject to the penalties imposed by the SEC. The document, which was submitted in May of 2024, details the findings that he and Hudson Companies failed to declare conflicts of interest about “payments that a third-party film production finance company” made to him. According to the allegations, he and the company “materially misled” clients and investors in a private investment fund about these payments, which included around $530,000 in “executive producer compensation” for films in which the fund and separately managed accounts placed their money.
The Securities and Exchange Commission (SEC) concluded that Hudson and Conover had initially neglected to disclose these payments and that they had later misrepresented to these clients that Conover had earned this remuneration for his work as an executive producer on these films. “Conover received these payments from [a production company] solely as a fee in exchange for the funds that the Fund and the SMAs invested in the films,” the statement reads. In light of these findings, he was given a censure, a fine of $150,000, and an order to pay disgorgement of $531,787.
On the website of Hudson Companies, there is a profile of Mr. Conover that describes him as the company’s Founder and President. He also explains that he established the company in 2008 to bridge “the gap in quality between the level of service the financial industry traditionally offers individuals when compared to institutional investors.” Additionally, it is stated that he “utilises his expertise to provide clients and their families with advice on investment decisions, asset allocation, retirement planning, and other related topics.”
Since the year 2021, Chris Conover has been registered with Hudson Companies, which is located in Pearl River, New York, as stated by the Financial Industry Regulatory Authority and the Securities and Exchange Commission. His previous registrations include those with Van Eck Securities Corporation (New York, New York; 2003-2008) and Guardian Investor Services (New York, New York; 2002-2003). Both of these companies are located in New York.
A total of six securities industry qualifying examinations have been passed by him, including the Investment Company Products/Variable Contracts Principal Examination, also known as Series 26, the Investment Company Products/Variable Contracts Representative Examination, also known as Series 6, the National Commodity Futures Examination, also known as Series 3, the Futures Managed Funds Examination, also known as Series 31, the Uniform Securities Agent State Law Examination, also known as Series 63, and the Uniform Investment Adviser Law Examination, also known as Series 65. In New York, he holds a valid license. (This information is accurate as of the 18th of May, 2024.)
Investors from all around the United States are represented by Carlson Law in instances where they have filed claims against investment firms and financial advisors. Please give us a call at 888-976-6111 or fill out our contact form if you or a loved one has experienced losses regarding investments. We will provide you with a consultation that is both free and confidential.
Why the Financial Scam Cases Demand Our Attention
Text Message Crypto Job Scam
In early 2025, New York Attorney General Letitia James uncovered a text-message scheme targeting job seekers. Victims were duped into depositing cryptocurrency—particularly stablecoins—into digital wallets under the pretense of reviewing products. The operation defrauded individuals of approximately $2.2 million, with losses ranging from a few thousand dollars to over $300,000 per victim across Queens, Nassau, and beyond.
Citibank Wire Fraud Lawsuit
In January 2025, a federal judge in Manhattan ruled that Citigroup’s Citibank must face a lawsuit from NY Attorney General Letitia James for alleged failure to prevent or refund losses from online scams. The AG’s office claims Citibank violated the Electronic Fund Transfer Act, urging the bank to improve fraud detection and consumer protection. Victims reported losing significant sums, with one stating a $40,000 wire transfer loss after clicking a phishing link.
Major International Bank Fraud
A global bank-fraud and money-laundering syndicate headed by Erick Jason Victoria-Brito was recently extradited from the Dominican Republic and charged by the U.S. Attorney’s Office for the Southern District of New York. The group is accused of registering over 1,000 shell companies and laundering more than $60 million, with attempted losses totaling over $150 million.
Charity Fundraising Transparency
New York Attorney General’s 2024 “Pennies for Charity” report reviewed data from 581 fundraising campaigns. These campaigns generated nearly $1.5 billion, of which professional fundraisers retained $261 million (about 17%). Alarmingly, 46% of campaigns returned less than half of funds to charities, and 16% operated at a loss, costing nonprofits more than $26 million.
Recent financial scams in New York City have spanned various sectors and inflicted substantial losses. In a crypto-related job scam, fraudsters used deceptive text messages to lure victims into depositing funds into digital wallets under the guise of product-review jobs.
This scheme resulted in over $2.2 million in total losses, with individual victims losing up to $300,000. In another case, Citibank is facing a lawsuit filed by New York Attorney General Letitia James for allegedly failing to prevent or reimburse customers affected by wire fraud—one victim reported losing more than $40,000 after falling for a phishing scheme.
Meanwhile, a large-scale international bank fraud operation led by Erick Jason Victoria-Brito saw over $60 million laundered through a network of more than 1,000 shell companies, with attempted fraud exceeding $150 million. In the nonprofit sector, the Attorney General’s “Pennies for Charity” report revealed troubling inefficiencies in fundraising.
Of nearly $1.5 billion raised in 581 campaigns, $261 million was kept by professional fundraisers, and $26 million in losses were incurred by charities where campaigns operated at a net loss. These incidents underscore the scope and sophistication of financial scams currently affecting individuals, corporations, and charitable institutions in New York City.
These cases illustrate a broad spectrum of financial fraud in New York—ranging from crypto job scams to corporate wrongdoing, organised international fraud, and nonprofit fundraising exploitation. They underscore the importance of vigilant regulation, institutional accountability, and consumer awareness. If you’d like, I can dive deeper into any of these incidents or recent enforcement actions.
