Financial Planners’ Fight Takes Nasty Turn

GREEN COVE SPRINGS, Fla. (CN) - A former certified financial planner for Camarda Financial Advisors claims Jeffrey Camarda cannot enforce a wrongful solicitation complaint and demand for arbitration because Camarda fraudulently induced him to sign a non-solicitation agreement. John Bowsman claims Camarda misrepresented himself as a Ph.D., though he got the degree from an "illegal, unaccredited diploma mill" that the FBI shut down, and he claims the SEC is investigating Camarda for this too.

Bowsman sued in Clay County Court. He claims the SEC is investigating Camarda because Camarda used his allegedly bogus degree on his Application for Investment Adviser Registration with the SEC.

Bowsman claims Camarda presents himself as "'Dr. Camarda' with a Ph.D. in Finance ('Summa Cum Laude'), from La Salle University. But 'Dr. Camarda's' degree was not from La Salle University in Philadelphia, Pa., but rather from an illegal, unaccredited diploma mill bearing the same name located in Mandeville, La. The Mandeville 'university' was eventually raided by the FBI and shut down. So 'Dr. Camarda' is not a doctor at all; his 'Ph.D.' is a bogus credential. And Mr. Camarda's use of the term 'doctor' in his professional dealings and marketing to clients, prospective clients, fellow associates and professionals, including Bowsman, was and continued to be a fraud, a violation of professional ethical standards, as well as a crime under Florida law. Additionally, Mr. Camarda went to far as to list his bogus educational history and 'doctor' credentials on the Application for Investment Adviser Registration ('ADV') that he caused Camarda to file with the Securities and Exchange Commission ('SEC'). Upon information and belief, Camarda is now being investigated by the SEC."

Bowsman is represented by John Rogerson III with Volpem Bajalia & Wickes of Jacksonville.

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