Convicted Stock Swindler Hit With New Fraud Charges

A former Rockland man convicted of cheating friends and acquaintances out of tens of thousands of dollars in a stock swindle has been charged with defrauding two more victims in a stock scam, according to Rockland County District Attorney Thomas P. Zugibe.

Steven Lampert, 61, was ordered held in the Rockland County Correctional Facility in New City after his arrest Thursday following an investigation by Clarkstown police and the Rockland County Special Investigation’s Unit.

Lampert is accused of second-degree grand larceny and fraudulent sale of securities or commodities, both felonies. Lampert, who is living in the Nyack-area with a relative, was  arrested during a routine visit with his probation officer.

Lampert, formerly of 6 Lowland Drive, Nyack, was indicted in February 2007 for persuading a business partner to invest $100,000 for 200,000 shares of stock in Provigil, Inc., a company that produced and sold car and electronic security devices. After failing to receive stock certificates and other associated paperwork in a timely manner, the victim requested the return of his money from the defendant.

Lampert is accused of failing to refund any of the victim’s money. An investigation uncovered that Provigil did not exist at time that Lampert took victims’ money. A Certificate of Incorporation shows a firm issuing only 200 shares on common stock.

Additionally, Zugibe said Lampert had no legal authority to sell “stock” in a company, as he was not registered with either the Securities and Exchange Commission or the New York Attorney General’s office.

Lampert pleaded guilty in 2010 to victimizing residents in Rockland County, New Jersey and New York City by “selling” stock in Provigil. He admitted to stealing more than $3 million from unsuspecting victims to fund a lavish lifestyle. Lampert swindled his victims by claiming he would be in danger without the money.

Lampert was extradited from Pacific Palisades, CA, in 2010, following his first indictment on grand larceny charges.

Lampert faces a Rockland County Court hearing on Aug. 31. He faces up to 15 years in prison if convicted.