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: https://www.securitieslawyer.com.
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