{"id":1347,"date":"2013-11-21T18:13:42","date_gmt":"2013-11-21T18:13:42","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/11\/finra_bars_broker_accused_of_s"},"modified":"2022-03-10T16:39:17","modified_gmt":"2022-03-10T22:39:17","slug":"finra-bars-broker-accused-of-s","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/finra-bars-broker-accused-of-s\/","title":{"rendered":"FINRA Bars Broker Accused of Selling Over $18M in Fraudulent Promissory Notes to NBA, NFL Athletes, & Others"},"content":{"rendered":"

\t\t\t\tThe Financial Industry Regulatory Authority has banned ex-Success Trade Securities Inc. broker Jinesh “Hodge” Brahmbhatt from the industry. The broker is accused of selling over $18 million in fraudulent promissory notes to 58 investors, which included many National Football League and National Basketball Association athletes. Brahmbhatt’s registered investment adviser firm is Jade Private Wealth Management LLC. <\/p>\n

In its letter of acceptance, waiver and consent, FINRA cites Brahmbhatt for failing to show up and testify at a disciplinary hearing about his former employer and its CEO Fuad Ahmed. The SRO is accusing the firm and its chief executive of fraudulent promissory notes sales and filed its complaint in April.<\/p>\n

FINRA said that the notes, put out by parent company Success Trade, were sold with the promise of yearly 12% to 26% interest rates. Sale proceeds purportedly went to personal unsecured loans to Ahmad, paid for firm operations, and paid off past investors. FINRA has alleged that Success Trade tried to get note holders to either get stock in the company or roll over notes that were maturing at higher rates. <\/p>\n

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

The Financial Industry Regulatory Authority has banned ex-Success Trade Securities Inc. broker Jinesh “Hodge” Brahmbhatt from the industry. The broker is accused of selling over $18 million in fraudulent promissory notes to 58 investors, which included many National Football League and National Basketball Association athletes. Brahmbhatt’s registered investment adviser firm is Jade Private Wealth Management […]<\/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":[3773,3739],"tags":[],"class_list":["post-1347","post","type-post","status-publish","format-standard","hentry","category-broker-fraud","category-finra"],"yoast_head":"\nFINRA Bars Broker Accused of Selling Over $18M in Fraudulent Promissory Notes to NBA, NFL Athletes, & Others — Investor Lawyers Blog — November 21, 2013<\/title>\n<meta name=\"description\" content=\"The Financial Industry Regulatory Authority has banned ex-Success Trade Securities Inc. broker Jinesh "Hodge" Brahmbhatt from the industry. 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