{"id":1236,"date":"2013-04-22T14:28:57","date_gmt":"2013-04-22T14:28:57","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/04\/nba_nfl_players_among_alleged"},"modified":"2022-03-10T16:36:07","modified_gmt":"2022-03-10T22:36:07","slug":"nba-nfl-players-among-alleged","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/nba-nfl-players-among-alleged\/","title":{"rendered":"NBA, NFL Players Among Alleged Promissory Note Fraud Victims of Success Trade Securities, Says FINRA"},"content":{"rendered":"

\t\t\t\tThe Financial Industry Regulatory Authority has issued temporary cease-and-desist order against Fuad Ahmed, the president and CEO of Success Trade Securities, Inc., to stop his alleged financial fraud activities. It also put out a complaint against him and the online brokerage firm, charging them with promissory note fraud<\/a>. The notes were issued by Success Trade, Inc. Ahmed is one of its majority owners. Success Trade Securities runs LowTrades and Just2Trades. <\/p>\n

FINRA issued the TCDO over concerns that if it didn’t, investors’ assets and funds would continue to be misused. The SRO contends that the brokerage firm, its financial representatives, and Ahmed sold over $18M in promissory notes to nearly five dozen investors, including ex- and current NBA and NFL Athletes, while omitting or misrepresenting material facts, such as how they were raising $5 million via the selling of the notes or that the sales went over 300% above the original offering.<\/p>\n

The majority of notes promised a 12.5-26% yearly interest rate payment monthly over three years. Also, Success Trade Securities and Ahmed allegedly did not disclose both how much the brokerage firm owed investors and that it couldn’t keep paying interest payments unless it brought it new investor money. The SRO believes that note sale proceeds went to unsecured loans to Ahmed, past investor payments, and firm operations. <\/p>\n

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

The Financial Industry Regulatory Authority has issued temporary cease-and-desist order against Fuad Ahmed, the president and CEO of Success Trade Securities, Inc., to stop his alleged financial fraud activities. It also put out a complaint against him and the online brokerage firm, charging them with promissory note fraud. The notes were issued by Success Trade, […]<\/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":[3739,3986],"tags":[],"class_list":["post-1236","post","type-post","status-publish","format-standard","hentry","category-finra","category-promissory-notes"],"yoast_head":"\nNBA, NFL Players Among Alleged Promissory Note Fraud Victims of Success Trade Securities, Says FINRA — Investor Lawyers Blog — April 22, 2013<\/title>\n<meta name=\"description\" content=\"The Financial Industry Regulatory Authority has issued temporary cease-and-desist order against Fuad Ahmed, the president and CEO of Success Trade — April 22, 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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