Anthony Pellegrino Exposed: Scams and AML Risks Unveiled

Introduction

Anthony Pellegrino, a name tied to the financial advisory world, emerges as a figure cloaked in both prominence and controversy. As the founder and CEO of Goldstone Financial Group, Pellegrino has built a reputation as a fiduciary dedicated to securing clients’ financial futures. Yet, beneath the polished surface lies a web of business relations, allegations, and red flags that raise serious questions about his practices and their implications for investors. In this in-depth report, we peel back the layers of Pellegrino’s story, exploring his personal profiles, business associations, and the mounting concerns tied to scams, sanctions, and anti-money laundering risks. Our mission? To deliver the facts and assess the reputational and legal perils that may lurk for those who cross paths with him.

Business Relations: The Goldstone Foundation and Beyond

Our investigation begins with Pellegrino’s most prominent venture: Goldstone Financial Group. Based in the Chicago suburbs, this SEC-registered investment advisory firm manages hundreds of millions in assets and markets itself as a beacon of personalized financial planning. Pellegrino, as its founder and CEO, positions himself as a fiduciary legally bound to prioritize clients’ interests—a claim bolstered by his Series 65 securities license and multi-state insurance credentials. The firm employs a team of advisors holding designations like Certified Financial Planner (CFP®) and various securities licenses (Series 6, 63, 65, 66, and 7), suggesting a robust operation.

But Pellegrino’s business ties extend beyond Goldstone’s glossy facade. We uncover his connection to Michael Pellegrino, a key figure in the firm’s history and operations. Together, the duo has been linked to the promotion and sale of securities tied to 1 Global Capital LLC, a now-defunct commercial lending company. This relationship proves pivotal, as it later draws intense regulatory scrutiny—a thread we’ll unravel further. For now, it’s clear that Pellegrino’s business empire hinges on Goldstone, with Michael as a significant collaborator, though other undisclosed partnerships remain elusive.

Personal Profiles: The Public Face of Pellegrino

Who is Anthony Pellegrino beyond the boardroom? We dig into his personal narrative, piecing together a portrait from public records and promotional materials. Pellegrino casts himself as a seasoned financial expert, claiming to have assisted over 2,500 clients in bridging retirement income gaps. His media presence amplifies this image—he’s co-hosted a financial television show on a major Chicago network and a radio program ranked among the city’s top financial talk shows. Awards like “Five Star Wealth Manager” and a speaking engagement alongside a former U.S. president add to his cachet.

Yet, this polished persona invites skepticism. We note a pattern of self-aggrandizement that glosses over less flattering details. Pellegrino’s personal profile lacks transparency about his regulatory history, a gap that becomes glaring as we delve into allegations and sanctions. His public image, while impressive, feels curated—leaving us to question what lies beneath the accolades.

OSINT: Open-Source Clues to Pellegrino’s World

Using open-source intelligence (OSINT), we scour the digital landscape for traces of Pellegrino’s footprint. Social media platforms reveal a professional presence tied to Goldstone, with posts emphasizing client success and market insights. Public records confirm his leadership role and licensing, aligning with his stated credentials. However, OSINT also uncovers whispers of discontent—scattered mentions of client dissatisfaction and regulatory troubles that don’t make it into his official bio.

We cross-reference business registries and find Goldstone Financial Group as a legitimate entity, but the trail grows murky when we search for Pellegrino’s broader network. No clear evidence of shell companies or offshore holdings surfaces, yet the absence of deeper ties raises a red flag. Is this a deliberate effort to obscure connections, or simply a lack of data? Our OSINT dive leaves us with more questions than answers, pushing us to probe further.

Undisclosed Business Relationships and Associations

The specter of undisclosed relationships looms large in our investigation. While Pellegrino’s partnership with Michael Pellegrino is well-documented, other associations remain shadowy. The 1 Global Capital connection hints at a broader network of financial players, but specifics are scarce. We suspect ties to other investment advisors or firms involved in the 1 Global scheme, though concrete links evade us without access to private records.

This opacity fuels our concern. In the financial world, undisclosed relationships can mask conflicts of interest or fraudulent schemes. Pellegrino’s silence on these matters—whether intentional or incidental—suggests a potential vulnerability for investors who rely on full disclosure. We flag this as an area ripe for further scrutiny, especially given the regulatory fallout tied to his known associates.

Scam Reports and Red Flags: A Pattern Emerges

Now, we turn to the heart of the controversy: scam reports and red flags. Our findings reveal a troubling pattern tied to Pellegrino and Goldstone. Multiple sources report client complaints—11 disputes between 2015 and 2019—alleging breaches of fiduciary duty and unsuitable investment recommendations. These aren’t isolated incidents; they point to systemic issues in how Pellegrino and his firm operate.

The 1 Global Capital saga stands out as a glaring red flag. This company, which marketed merchant cash advances as secure, high-return investments, collapsed into bankruptcy, leaving investors with massive losses. Pellegrino and his partner allegedly reaped nearly $1.6 million in fees for selling its securities—fees far exceeding typical advisory rates. Clients claim they were misled about risks and commissions, a charge that echoes across scam reports. We see this as a textbook warning sign: high fees, opaque investments, and a trail of dissatisfied investors.

Allegations: Fraud and Fiduciary Failures

The allegations against Pellegrino hit hard. At their core, they accuse him of investment deception and fiduciary breaches. The 1 Global case alleges that he and Michael repeated the company’s misrepresentational claims, downplaying risks while overstating returns. Clients say they were kept in the dark about the illiquidity and potential loss of principal tied to these non-traded investments—a failure to disclose that cuts to the heart of fiduciary duty.

We also uncover claims of promoting unregistered securities, a violation tied to an Idaho Department of Finance action. Pellegrino recommended an unsuitable investment, breaching state code and earning a $10,000 penalty. These allegations paint a picture of a financial advisor willing to bend rules for profit, a narrative that clashes with his fiduciary persona.

Criminal Proceedings and Lawsuits: Regulatory Reckoning

Our probe into legal actions reveals significant fallout. The Securities and Exchange Commission (SEC) stepped in, issuing a cease-and-desist order against Pellegrino and Goldstone for their 1 Global involvement. Without admitting or denying guilt, they settled—paying a $70,000 fine and agreeing to hire a compliance consultant. The SEC’s findings highlight $37 million in transactions tied to the fraud, with Goldstone later returning referral fees and an additional $700,000 to settle investor claims.

The Idaho case adds another layer, with its civil penalty signaling regulatory intolerance for Pellegrino’s practices. No criminal convictions emerge, but the volume of civil and administrative actions—coupled with client lawsuits—suggests a pattern of legal entanglements. We see this as a critical escalation, amplifying the stakes for Pellegrino’s reputation and operations.

Sanctions and Adverse Media: A Public Backlash

Sanctions tell a stark story. The SEC’s cease-and-desist order and Idaho’s penalty join a $30,000 fine tied to the 1 Global fraud—a trio of blows that tarnish Pellegrino’s record. Adverse media amplifies the damage, with reports labeling him a “shady financial advisor” and Goldstone a purveyor of “fake and fraudulent” securities. Headlines scream of wasted money, lost time, and betrayed trust, fueled by clients who’ve filed lawsuits after alleged scams.

We note a concerted pushback from Pellegrino, who’s ignored efforts to address victim complaints and leaned on “fake PR” to counter the narrative. This defensiveness only deepens the adverse media storm, casting a long shadow over his credibility.

Negative Reviews and Consumer Complaints: Voices of Discontent

Consumer voices echo the broader critique. Negative reviews pile up, with clients decrying Pellegrino’s “criminal ideas” and “fake digital investment schemes.” One investor laments a total loss after trusting his advice, urging others to steer clear. Complaints filed with regulatory bodies like FINRA reinforce this discontent, detailing unsuitable recommendations and financial losses.

We see a clear thread: dissatisfaction rooted in perceived deception and poor outcomes. While some reviews may exaggerate, their consistency aligns with legal and media findings, lending weight to the grievances.

Bankruptcy Details: The 1 Global Collapse

Bankruptcy enters the frame via 1 Global Capital, which filed for Chapter 11 after its $283 million loan fraud unraveled. This wasn’t Pellegrino’s filing, but his firm’s entanglement ties him to the fallout. Investors lost fortunes as funds were misallocated to prop up a CEO’s lavish lifestyle, not legitimate financing. Goldstone’s remedial payments underscore its role in the mess, though Pellegrino himself avoids personal bankruptcy.

This collapse serves as a cautionary tale, highlighting the risks of partnering with unstable entities—a risk Pellegrino either missed or ignored.

Detailed Risk Assessment: Anti-Money Laundering and Reputational Perils

Now, we assess the risks Pellegrino poses, focusing on anti-money laundering (AML) and reputational dimensions. In the AML arena, his involvement with 1 Global raises alarms. The company’s fraud—misallocating investor funds—mirrors tactics used in money laundering schemes: opaque transactions, high commissions, and unregistered securities. While no direct AML charges target Pellegrino, the parallels are striking. Financial institutions must screen for such red flags under the Bank Secrecy Act, and his history could trigger enhanced due diligence.

Reputational risks loom even larger. Associations with fraud, sanctions, and client lawsuits erode trust—a death knell for a fiduciary. Businesses or individuals tied to Pellegrino risk guilt by association, facing regulatory scrutiny and public backlash. His pattern of penalties and adverse media suggests a chronic issue, not a one-off lapse, amplifying the peril.

We weigh the data: multiple complaints, hefty fines, and a collapsed partner firm versus a lack of criminal convictions or overt AML violations. The balance tips toward caution—Pellegrino’s track record signals a high-risk profile for investors and partners alike.

Expert Opinion: A Verdict on Pellegrino

After exhaustive analysis, we reach our conclusion. Anthony Pellegrino embodies a paradox: a fiduciary with a flair for self-promotion, undermined by a trail of allegations and sanctions. His business relations, centered on Goldstone and tainted by 1 Global, reveal a willingness to engage with risky ventures. The red flags—scam reports, lawsuits, and regulatory penalties—paint a picture of negligence, if not outright malfeasance. While he avoids criminal prosecution, the civil and administrative fallout speaks volumes.

From an AML perspective, Pellegrino isn’t a confirmed money launderer, but his practices flirt with the edges of compliance, inviting scrutiny. Reputationally, he’s a liability—his name now synonymous with fraud claims and investor regret. Our expert opinion? Approach with extreme caution. Investors and firms should demand transparency and verify his claims against independent records. Pellegrino’s story is a warning: in finance, trust is hard-earned and easily lost.