Stephen S. Eubanks of Massachusetts, Pleads Guilty in Ponzi Scheme

STEPHEN SKEFFINGTON EUBANKS (CRD#: 2291133), 48 years-old, from Hingham, Massachusetts, has pleaded guilty to what is being called, a ‘classic Ponzi scheme.'
According to the U.S. Attorney’s office, Stephen S. Eubanks pleaded guilty in a U.S. District Court to one count of wire fraud on April 11, 2017.  Eubanks allegedly took money from friends and neighbors and was using it for his personal use rather than investing it as he told the investors he would. Some of the investors included a college roommate, the elderly father of a former fraternity brother, and other people who were known to him.  One acquaintance gave him over $100,000.
According to the charges, Eubanks was allegedly posing as an experienced hedge fund manager and defrauded 32 investors out of $435,000.  Eubanks took $529,000 from the investors and used $140,000 from his new investors to pay the old investors, a classic Ponzi scheme.
Stephen S. Eubanks invested some of the money but spent over $145,000 for his own personal use, which included vacations, boat payments, etc.
Eubanks faces up to 20 years in prison, three years of supervised release and a fine of $250,000.
Eubanks started Eubiquity Capital in 2010, but allegedly wasn’t registered as an investment adviser or a securities dealer.
According to FINRA’s BrokerCheck, Stephen S. Eubanks, has 7 Disclosures on his report, was in the securities industry for 19 years, and was listed with 7 firms, the most recent listed below:
03/22/2010 - 08/26/2016  BRIGHT TRADING, LLC  -  LAS VEGAS, NV

If you were a client of Stephen S. Eubanks and suffered losses due to his actions or recommendations in this Ponzi scheme, call Soreide Law Group for a no-cost consultation regarding the possible recovery of your losses at:  888-760-6552.
Soreide Law Group represents clients nationwide before FINRA and we operate on a contingency fee basis.