Golden Beneficial Securities Corporation, a Texas securities firm, was ordered to pay $2.5 million to a couple who invested with the firm by the Financial Industry Regulatory Authority (FINRA) for failing to supervise their broker who was allegedly involved in a Ponzi scheme.
The Texas couple accused Golden Beneficial Securities Corp. of failing to safeguard their finances. The broker at Golden Beneficial told the couple he was investing their money into a bond fund, but instead their investments went into a Ponzi scheme. This couple was retired and lost their entire savings. The couple trusted the broker.
The firm is no longer registered with FINRA and has failed to produce proof of insurance. They also failed to participate in FINRA's arbitration. The couple may have a hard time recovering their losses. Golden Beneficial's membership with FINRA was canceled in January for failure to pay outstanding fees.
Soreide Law Group represents clients nationwide. If you or a family member have become a victim of this or any other Ponzi Scheme, call for a free consultation on how to potentially recover those losses. To speak with an attorney call 888-760-6552.
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