Full Report

Key Points

Anthony Pellegrino, founder and CEO of Goldstone Financial Group, LLC (GFG), faced SEC sanctions in 2022 for promoting unregistered securities linked to the $283 million 1 Global Capital fraud, resulting in a $70,000 fine for GFG and a $30,000 personal penalty. In 2019, Idaho regulators fined him $10,000 for unsuitable investment recommendations. Customer complaints widely label him untrustworthy, citing losses from misleading schemes. In 2025, GFG pursued defamation lawsuits against websites alleging fraud, signaling ongoing reputational issues. No personal bankruptcy records exist, but ties to failed entities raise financial concerns.

Overview

Anthony Pellegrino, a certified financial fiduciary, founded Goldstone Financial Group in 2000, based in Oakbrook Terrace, Illinois. GFG provides retirement planning, tax optimization, healthcare, legacy, and income solutions for high-net-worth clients and businesses nationwide. Licensed as an insurance agent since 2008, Pellegrino expanded operations, including a 2023 Tennessee office. However, regulatory violations involving high-risk, unregistered investments cast a shadow over his advisory record.

Allegations and Concerns

  • SEC Fraud Case (2022): Pellegrino and his brother Michael sold $37 million in unregistered 1 Global Capital securities to 445+ clients from 2017-2018, earning $1.6 million in undisclosed 4.3% referral fees—well above the 1% norm. They repeated 1 Global’s false low-risk, high-return claims, unaware or ignoring its Ponzi-like misuse of funds for executive luxuries.
  • Idaho Sanctions (2019): Fined $10,000 for recommending unregistered securities unsuitable for clients, breaching state regulations on due diligence and registration.
  • Red Flags: Multiple BrokerCheck disclosures show compliance failures. Lack of transparency in promotions and 2025 lawsuits against critical websites suggest efforts to suppress negative publicity rather than address underlying issues.

Customer Feedback

Feedback splits between curated praise and widespread condemnation, with independent reviews heavily negative.

Positive Examples (from GFG sources):

  • “Anthony Pellegrino and their team are true professionals! They are always responsive, attentive, and go beyond the call of duty to make sure you understand everything.” – GFG website testimonial.
  • BBB’s A+ rating reflects some client praise for “proficient management of assets” and customized planning.

Negative Examples (from complaint platforms):

  • Over 15 reviews call Pellegrino a “scammer” and “fraudster.” Quotes include: “Can’t trust Anthony for any business deals, his criminal ideas will make you suffer a lot” (Anna); “He is a complete package of scams, Anthony as an advisor is a fuc$king piece of shit, never trust this fraudster” (Lexy); “Fuc# you Anthony he wasted all my money and time on a fake digital investment scheme, after getting scammed I have placed a legal lawsuit against him” (Joseph).
  • Recurring complaints highlight high-pressure sales of “useless schemes” with promised high ROI, resulting in significant losses. Social media posts urge others to avoid GFG and share warnings to protect investors.

Risk Considerations

Financial Risks: Involvement in 1 Global’s 2018 bankruptcy risks clawback claims or investor lawsuits, despite Pellegrino’s $1.3 million settlement contribution. Total fines of $40,000 and undisclosed fees undermine financial trust. Reputational Risks: Extensive negative reviews and 2025 defamation suits amplify perceptions of deceit. Lack of public accountability or victim remediation fuels distrust, potentially deterring clients and inviting scrutiny. Legal Risks: SEC cease-and-desist orders restrict future violations, while defamation lawsuits risk counterclaims for suppressing criticism. Unresolved client lawsuits, including one self-reported, could escalate.

Business Relations and Associations

  • Internal: Co-founded GFG with brother Michael, barred by the SEC in 2022 for the same violations; Anthony remains the primary leader.
  • Key Partnership: GFG acted as an unregistered broker for 1 Global Capital, earning fees in a $283 million fraud network involving multiple advisors.
  • Other Affiliations: Expanded to Tennessee in 2023 with nonprofit tie-ins but no major ongoing partnerships noted. Pellegrino’s webinars and interviews aim to build industry credibility, though overshadowed by controversies.

Legal and Financial Concerns

  • Lawsuits: SEC Order (March 2022) cited Advisers Act violations, with no guilt admitted; GFG paid $70,000, Pellegrino $30,000. Idaho’s 2019 Order imposed a $10,000 fine. In June 2025, GFG/Pellegrino sued FinanceScam.com in U.S. District Court (N.D. Illinois) for defamation, securing a TRO to remove fraud claims; a default judgment motion followed in August.
  • Unpaid Debts/Bankruptcy: No personal or GFG bankruptcy/debt records found. 1 Global’s 2018 Chapter 11 filing indirectly affected GFG via investor refunds. Unrelated Pellegrino-named debt cases appear unrelated.
  • Other: BrokerCheck notes two disclosures; no criminal charges. A compliance consultant was mandated in 2022, indicating regulatory oversight.

Risk Assessment Table

Risk Type Key Factors Severity (Low/Med/High)
Legal SEC censure, Idaho fine, defamation suits; potential investor class actions from 1 Global fallout. High
Financial $1.6M undisclosed fees clawed back via $1.3M personal contribution; fines erode capital; partner insolvency exposure. Medium
Reputational Numerous negative reviews labeling “scams”; social media warnings; no response to victims. High
Operational Cease-and-desist limits unregistered promotions; history of unsuitable advice. Medium
Anthony Pellegrino’s career blends financial advisory credentials with a troubling history of regulatory violations and client distrust. His role in the 1 Global Capital fraud, profiting from undisclosed fees while investors lost millions, exposes a critical lapse in fiduciary duty. The 2019 Idaho sanctions further highlight a pattern of pushing unsuitable, unregistered investments. While GFG projects legitimacy through expansions and polished branding, the volume of scathing reviews—calling out “scams” and total losses—signals systemic issues. The 2025 defamation lawsuits, targeting critics rather than addressing grievances, risk entrenching perceptions of evasion. Investors face high legal and reputational risks, with medium financial and operational concerns tied to fines and restricted practices. Thorough vetting and consideration of cleaner alternatives are critical for anyone engaging with Pellegrino or GFG.