When Broker Misappropriation Leads to Investor Losses
Ex-Aegis Capital Financial Advisor Surage Roshan Perera Allegedly Stole $4M From Investor
If you are an investor who suffered losses while working with former Aegis Capital broker Surage Roshan Perera, Shepherd Smith Edwards and Kantas (investorlawyers.com) would like to talk to you. Our skilled broker misconduct attorneys have been investigating current and former registered representatives from that brokerage firm for some time, most recently related to their sale of GWG L Bonds to investors. GWG Holdings is now accused of operating a more than $1.6B Ponzi scam.
Perera, a former New York stockbroker who is also the founder of Janues Capital, Inc. in Queens, was recently arrested for securities fraud and other criminal charges related to an alleged scam to defraud an investor of over $4M. He also faces US Securities and Exchange Commission (SEC) charges accusing him of bilking at least one investor and using money he received from others to pay the victim “returns” in Ponzi-like fashion.
As Perera’s broker-dealer of record during the alleged misappropriation allegations, Aegis Capital had a duty to properly supervise him and make sure he wasn’t engaging in any fraudulent actions.
What Is Broker Misappropriation?
This is the term used to refer to when a financial advisor purposely acts to use your funds for unauthorized purposes. This may include outright theft, embezzlement, or finding other ways to steal an investors’ money while concealing the alleged wrongdoing.
Broker misappropriation may involve engaging in some type of scam, including a Ponzi fraud, or making unauthorized withdrawals from a customer’s account. A stockbroker might even forge an authorization letter to make it seem as if they were transferring money out of a customer account with their permission, or they could “borrow” funds from an investor and then steal their cash instead. That said, it is broker misconduct for a financial advisor to borrow from a customer regardless of whether or not they intend to pay them back.
How Can Our Seasoned Broker Fraud Attorneys Help?
If you believe that your broker may have stolen your money, Shepherd Smith Edwards and Kantas can help you explore your legal options. Even if the brokerage firm had nothing to do with the alleged theft, you still may be able to pursue damages from them for allowing that type of financial fraud to occur under their watch.
Should we decide to work together, our seasoned broker misappropriation lawyers can help you sue the brokerage firm to fight for your financial recovery. With over 30 years of representing investors, we have helped thousands of clients to collectively recover many millions of dollars.