Former Nyack Resident Faces New Charges in Multi-Million Dollar Stock Fraud

Rockland County District Attorney Thomas P. Zugibe today announced that a former Rockland County resident previously convicted of stealing tens of thousands of dollars from former friends and acquaintances under false pretenses has been charged with defrauding two additional victims in a stock scam.

Steven Lampert (DOB 08/26/49) formerly of Nyack, New York, is charged with:

•One count of Grand Larceny in the Second Degree, a class “C” Felony

•One count of Fraudulent Sale of Securities or Commodities, a class "E" Felony

According to the indictment, in February, 2007, Lampert persuaded 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 defendant took victims’ money. A Certificate of Incorporation shows a firm issuing only 200 shares on common stock.

Additionally, 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 Attorney General of the State of New York. The defendant 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, California in 2010 following his first indictment on Grand Larceny charges. He was living with a relative in the Nyack area until his arrest on Wednesday.

The latest indictment resulted from an extensive investigation conducted by the Clarkstown Police Department and the Rockland County Special Investigation’s Unit.

The defendant was arraigned yesterday in Rockland County Court by the Honorable William A. Kelly. He was remanded to the Rockland County Jail in lieu of $20,000 bail. He is due to return to court on August 31, 2011.

His arrest came during a routine visit with his probation officer.

Lampert faces up to 15 years in state prison if convicted.