Bronxville Resident Charged with Fraud for Misleading Investors
Written by Staff
Nov. 5, 2014: According to an article appearing in the October 31 edition of the Journal News, Bronxville resident Gregory Rorke was arrested at his home on Friday, October 31, on federal fraud charges for misleading investors about his software company, Navagate Inc.
The article reports that, according to federal authorities, in the process of raising $3 million for his software company, Mr. Rorke told more than 30 investors "that he had at least $12 million in assets with which he could repay them. In reality, most of the money didn't belong to him, authorities said."
The Journal News quotes US attorney Preet Bharara saying, "'As alleged, Gregory Rorke grossly misrepresented his character and financial stability to investors, whom he then defrauded of millions of dollars.'"
According to the Journal News, Rorke was charged with one count of wire fraud and one count of securities fraud. He faces a maximum sentence of 20 years in prison for each charge and fines of up to $5 million.
Further noted in the article is that "the Securities and Exchange Commission, in a civil complaint also filed Friday, said Rorke only had access to $1,527 in cash. Most of the $6 million in liquid assets pledged by him was held by his wife, the commission said. Bharara said the businessman also falsely told investors that Navagate didn't owe any money to the IRS and that a bank, HSBC, had signed a multimillion-dollar contract with the company."
According to the Journal News, Rorke was released on $250,000 bail after appearing last Friday before Magistrate Judge Gabriel W. Gorenstein in federal court in Manhattan.
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