April 30, 2014

Final Judgment Against Gurudeo "Buddy" Persaud

business man holding his head with text asking questions about stock broker misconduct

The Securities and Exchange Commission (SEC) announced on January 29, 2014, that the US District Court for the Middle District of Florida, granted the SEC's Motion for Summary Judgment on the SEC's claims against Defendant Gurudeo "Buddy" Persaud. The Court imposed injunctions prohibiting Persaud from violating these provisions of the Securities Act and the Exchange Act, and ordered him to pay disgorgement and civil penalties.

On April 18, 2014, the Court entered a Final Judgment against Defendant Persaud on the remaining claims in the SEC's Complaint against him. The Court ordered him to pay disgorgement total of $126,926.94. The Commission dismissed its civil penalty claim against Persaud, who pled guilty to charges in a criminal case, was ordered to pay restitution of $948,340 to his victims, and is currently serving a three-year prison sentence.

The SEC had charged Gurudeo “Buddy” Persaud with luring family, friends, and others into investing in his firm, White Elephant Trading Company LLC, by falsely guaranteeing their money would 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. Persaud used investors’ money to make payments to other investors, commonly known as a Ponzi scheme.

Also see our blog posting written on this subject June 22, 2012 at:

https://www.securitieslawyer.com/securitieslawyerblog/?p=2539

GURUDEO S. PERSAUD (CRD# 1607379) was previously registered with the following FINRA firm(s):

MONEY CONCEPTS CAPITAL CORP (CRD# 12963) - ORLANDO, FL
11/2003 - 09/2010

If you were a client of Gurudeo "Buddy" Persaud, White Elephant Trading Company and/or Money Concepts Capital Corporation, call Soreide Law Group for a free consultation on how to potentially recover your losses at 888-760-6552.

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