Securities Lawyer Blog | Victim of Fraud?

TAG | Florida stock loss lawyer

Jun/12

22

Orlando Ponzi Scheme Based on “Astrology”

Comments off · Posted by Securities Lawyer in FINRA

Soreide Law Group, PLLC, has begun investigating potential claims against Money Concepts Capital Corp. and broker, Gurudeo “Buddy” Persaud.

The Securities and Exchange Commission charged a former broker in Orlando, Fla., who defrauded investors in an astrology-based Ponzi scheme. The SEC alleges that Gurudeo “Buddy” Persaud lured family, friends, and others into investing in his firm, White Elephant Trading Company LLC, by falsely guaranteeing their money would be safe and yield high returns ranging from 6 to 18 percent. Persaud told investors he would invest in the debt, stock, futures, and real estate markets, but did not reveal that his trading strategy was based on his belief that markets are affected by gravitational forces. Allegedly, Persaud believed that the gravitational forces affect human behavior, and in turn, the stock market.

According to the SEC’s complaint filed in U.S. District Court for the Middle District of Florida, Persaud used investors’ money to make payments to other investors, commonly known as a Ponzi scheme. Persaud also lost $400,000 of investor funds through his trading, and diverted at least $415,000 to pay for his personal expenses, the SEC alleged. Persaud started using some of that money for his personal expenses allegedly from the beginning. Persaud created phony account statements, hiding his trading losses and giving investors a false sense of security.

Persaud was registered with Money Concepts Capital Corp., from November, 2003, through September, 2010. The alleged Ponzi scheme took place during this time.  Money Concepts was obligated to properly supervise Persaud during the time he was registered with the brokerage. Money Concepts Capital Corp. could possibly be liable for failing to supervise Persaud’s activities while registered with the firm.

If you or a loved one were clients of Gurudeo “Buddy” Persaud, White Elephant Trading Company and/or Money Concepts Capital Corporation, call Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

 

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Jun/12

18

FINRA Fined and Barred Delray Beach, FL Rep

Comments off · Posted by Securities Lawyer in FINRA

 

Alan Jay Davidofsky (CRD #1389312, Registered Representative, Delray Beach, Florida)

has been fined by FINRA in the amount of $11,741.78, which represents disgorgement, and he has been barred from association with any FINRA member in any capacity.

These sanctions were based on the findings that Davidofsky made unauthorized transactions in his customer’s account, controlled the customer’s Individual Retirement Account (IRA), and made excessive number of trades in the account. This was inconsistent with the customer’s financial circumstances and investment objectives. 

FINRA’s findings stated that Davidofsky implemented this high level of trading to benefit himself, not his customer. Davidofsky had lost accounts and was under increasing financial pressure to increase his numbers to meet his member firm’s expectations.

The findings also stated that Davidofsky excessively traded the customer’s account deliberately, thereby churning her account.

The decision has been appealed to the NAC, and the sanctions are not in effect pending the appeal.

(NRA Case #2008015934801)

This information was obtained on FINRA’s website,”Disciplinary and Other Actions, June, 2012.”

 

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. For a free consultation with an attorney, please call 888-760-6552, or visit our website at: ww.securitieslawyer.com.

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Jun/12

18

Port Richey, Florida, Rep Fined and Suspended by FINRA for Borrowing Money from Customer

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Alison Marie Janke (CRD #4409155, Registered Representative, Port Richey, Florida)

was fined $7,500 and suspended from association with any FINRA member in any capacity for six months. Without admitting or denying the findings, Janke consented to the described sanctions. According to FINRA’s findings, she borrowed $100,000 from a customer which was based upon a personal relationship. This is contrary to her member firm’s WSPs (Written Supervisory Procedures) that only allowed registered representatives to accept loans from customers under limited circumstances.

According to the firm’s WSP, a registered person must receive prior written firm approval before accepting a loan based on a personal relationship outside of the broker/customer relationship; Janke did not seek or obtain this approval.

These findings stated that when Janke became associated with another member firm, the customer transferred her account to this new firm. FINRA’s findings also stated that in compliance questionnaires, Janke’s new firm requested that she state whether she had ever borrowed money from a customer, and she falsely answered “no.”

Janke’s failure to timely repay the loan, and then they entered into a settlement agreement regarding the outstanding amount owed.

This suspension is in effect from May 7, 2012, through November 6, 2012.

This information appeared on FINRA’s website under “Disciplinary and Other Actions, June, 2012.”

(FINRA Case #2011027400401)

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you find yourself in this situation, or a similar situation with your broker or financial advisor, call for a free consultation with an attorney, 888-760-6552, or visit our website at: ww.securitieslawyer.com.

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May/12

18

FINRA Arbitration Filed Against National Securities Corp.

Comments off · Posted by Securities Lawyer in FINRA

Jaime Andres Diaz was employed by National Securities Corporation from July, 2007, through December, 2011. Soreide Law Group is currently representing an investor that has recently filed a FINRA arbitration against National Securities Corporation for the alleged failure to supervise Jamie Diaz while employed by National Securities. The allegations in the complaint relate to misappropriation of funds through Mr. Diaz’s company “World Wide Asset Protection, LLC.” We anticipate that Mr. Diaz will deny the allegations and this case will be brought to an arbitration hearing before FINRA in Fort Lauderdale, Florida.

If you or a loved one have suffered losses investing with Jaime Diaz, your losses may be recovered through a securities arbitration.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. For a free consultation with an attorney, please call 888-760-6552, or visit our website at: ww.securitieslawyer.com.
 
 

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May/12

18

Rafael Calleja, Former Stock Broker, Investigated

Comments off · Posted by Securities Lawyer in FINRA

Soreide Law Group, PLLC,  is currently investigating potential claims against Rafael Calleja, a former Morgan Stanley Smith Barney and Merrill Lynch stock broker.

Rafael Calleja was employed by Morgan Stanley Smith Barney from June, 2008, until November, 2011, and prior to that he was employed by Merrill Lynch.  Mr. Calleja had an allegation of misappropriation of funds, according to his FINRA discipline record, filed against him that has resulted in financial settlements. Several other accusations of unauthorized trading and excessive trading have also been filed against Rafael Calleja which also resulted in financial settlements. If you were a former client of Rafael Calleja contact the Soreide Law Group at (888) 760-6552 or visit http://www.securitieslawyer.com.

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