The future role, or any potential disciplinary action, for a Methuen licensing board member named in a civil suit from Secretary of the Commonwealth William F. Galvin, remains unknown today.
The board held a “special meeting” this morning at Methuen City Hall, also known as the Searles Building. An agenda released to the public only specifies “special business” as a vote on 2015 licensing fees, as well as an item listed as “approval of the agenda for October 29.” However, board member James V. Peimonte, treasurer of Andover-based EmGoldex Team USA, is among several local company leaders named in Secretary Galvin’s complaint, alleging “EmGoldex is an illegal pyramid scheme disguised as a legitimate multi-level marketing company targeting investors both in Massachusetts and around the world.”
Methuen Mayor Stephen N. Zanni did not respond to WHAV’s requests this week for comment regarding Piemonte.
Piemonte, 6 Hawkes Brook Lane, Methuen, is also listed as a manager of Scott Management and Maintenance Co., associated with the (Joseph) Scott Companies, 12 Rogers Road, Ward Hill.
“EmGoldex is an illegal pyramid scheme disguised as a legitimate multi-level marketing company targeting investors both in Massachusetts and around the world,” the complaint said.
Besides Piemonte, the company is operated by Jonathan H. Seigler, president, formerly of Boston and now living in New Hampshire; and Methuen residents Matthew M. D’Agati, secretary and vice president; and Joseph Zingales, director. Galvin’s office said the group offered “securities in the form of memberships in a multi-level marketing program sponsored by EmGoldex.” It operated from offices at 16 Haverhill Street, Andover.
“Respondents, acting individually and collectively, fraudulently offered and sold unregistered and non-exempt securities in the Commonwealth without being registered as a broker-dealer, broker-dealer agent, investment adviser, or investment adviser representative,” the allegations read. Galvin’s office also “alleges that the offers and sales of securities were part of a pyramid scheme and Respondents’ promotion of such scheme defrauded Massachusetts investors.