{"id":1189,"date":"2013-01-28T18:34:12","date_gmt":"2013-01-28T18:34:12","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/01\/alleged_houston_texas_affinity"},"modified":"2022-03-10T09:14:44","modified_gmt":"2022-03-10T15:14:44","slug":"alleged-houston-texas-affinity","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/alleged-houston-texas-affinity\/","title":{"rendered":"Alleged Houston, Texas Affinity Fraud Scam Targeting Druze and Lebanese Communities Leads to SEC Charges Against Day Trader"},"content":{"rendered":"

\t\t\t\tThe SEC has filed securities charges against day trader Firas Hamdan for allegedly running a Texas securities scheme <\/a>in the Houston area that defrauded investors from the Druze and Lebanese communities. Hamdan, who used to be the treasurer of the Houston branch of the American Druze Society, is known among members of both groups. He is accused of raising over $6 million from over 30 investors over five years. He allegedly claimed to run a high-frequency trading program that applied a proprietary trading algorithm. <\/p>\n

According to the Commission, Hamdan promised investors 30% in yearly returns, while misrepresenting his trading program as being safe, when, in fact, it had suffered $1.5 million in losses. He also allegedly falsified brokerage records to hide huge trading losses and overstate assets. <\/p>\n

When profits that were promised to investors didn’t come in, Hamdan is said to have told clients that the money got entangled in the MF Global debacle and the debt crisis in Greece. He also is accused of lying about a nonexistent cash reserve account and a supposed $5 million “key-man” insurance policy that made clients’ investments secure.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The SEC has filed securities charges against day trader Firas Hamdan for allegedly running a Texas securities scheme in the Houston area that defrauded investors from the Druze and Lebanese communities. Hamdan, who used to be the treasurer of the Houston branch of the American Druze Society, is known among members of both groups. He […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3750],"tags":[],"class_list":["post-1189","post","type-post","status-publish","format-standard","hentry","category-texas-securities-fraud"],"yoast_head":"\nAlleged Houston, Texas Affinity Fraud Scam Targeting Druze and Lebanese Communities Leads to SEC Charges Against Day Trader — Investor Lawyers Blog — January 28, 2013<\/title>\n<meta name=\"description\" content=\"The SEC has filed securities charges against day trader Firas Hamdan for allegedly running a Texas securities scheme in the Houston area that defrauded — January 28, 2013\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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