The Financial Industry Regulatory Authority (FINRA) recently filed a cease-and-desist order against Success Trade Securities. Allegedly the online investment firm scammed its investors, which included a number of professional athletes.
FINRA issued a complaint against Success Trade and its CEO and President, Fuad Ahmed, accusing fraud in the sales of $18 million in notes issued by the firm's parent company, Success Trade Inc.
FINRA claims the firm, which operates through Just2Trade and LowTrades, Ahmed, and other representatives, sold more than $18 million in notes to 58 investors, many of whom are current or former NFL and NBA players. However, the company claimed they were raising just $5 million even after sales significantly exceeded the original offering, FINRA said.
The firm and Ahmed failed to disclose the company's amount of existing debt, and the fact that it would be unable to make future interest payments without raising more money from new investors, FINRA said. Success Trade Securities also misrepresented how the proceeds would be used and improperly used the funds to make loans to Ahmed and interest payments to existing investors, according to FINRA.
Soreide Law Group, PLLC, represents clients nationwide before FINRA. Call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552
Soreide Law Group has filed a FINRA arbitration on behalf of our clients (Claimants) against: CONCORDE INVESTMENTS SERVICES, LLC, and BERTHEL, FISHER & COMPANY FINANCIAL SERVICES, INC (Respondents). The Claimants are in their late 70s, retired, and according to the lawsuit, were not looking to take any unnecessary risks with their retirement savings. The Claimants […]
THEODORE WILLIAM BYRER (THEODORE W BYRER, TED BYRER) was registered as a broker with MORGAN STANLEY of Indianapolis, Indiana, from 11/11/2013 - 04/20/2023. He was most recently registered with INTERNATIONAL ASSETS ADVISORY, INC of Westfield, Indiana, from 05/09/2023 - 09/17/2024. According to his BrokerCheck CRD report, dated 7/23/2026, THEODORE W BYRER was suspended for 14 […]
MARK LAWRENCE SULLIVAN (MARK SULLIVAN, MARK L SULLIVAN), formerly with UBS Wealth Management USA in New York City, was fined $10,000 and suspended for three months by the Financial Industry Regulatory Authority (FINRA) over allegations that he traded in customers’ accounts without the proper approval. Sullivan was previously registered both as a broker and as an […]
Phone:
Fax: 1-954-760-6553
Email: info@securitieslawyer.com