{"id":1473,"date":"2014-06-27T16:00:44","date_gmt":"2014-06-27T16:00:44","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/06\/ponzi_scams_finra_bars_exraymo"},"modified":"2022-03-09T15:54:23","modified_gmt":"2022-03-09T21:54:23","slug":"ponzi-scams-finra-bars-exraymo","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ponzi-scams-finra-bars-exraymo\/","title":{"rendered":"Ponzi Scams: FINRA Bars Ex-Raymond James Broker Over $3M Ponzi Scam, Expels Success Trade Securities, Inc. for Bilking NFL and NBA Players"},"content":{"rendered":"

\t\t\t\tThe Financial Industry Regulatory Authority is ordering Success Trade Securities Inc. and its President and CEO Fuad Ahmed to pay 59 investors, mostly current and ex-NBA and NFL players, about $13.7 million in restitution for losses they sustained in a Ponzi scam<\/a>. Success Trade is now expelled from FINRA membership and Ahmed is also barred.<\/p>\n

According to a FINRA hearing panel, between 2\/09 through 3\/13, the firm and Ahmed sold $19.4 million in bogus promissory notes to investors while omitting or misrepresenting material facts. These facts would have revealed that parent company Success Trade Inc. was in financial trouble. <\/p>\n

Ahmed and the firm are also accused of misrepresenting that the funds would go toward costs for marketing and growing the businesses of the parent company. The SRO says that the funds instead went toward went toward unsecured loans to Ahmed for his personal spending and to pay interest payments to note holders.<\/p>\n

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

The Financial Industry Regulatory Authority is ordering Success Trade Securities Inc. and its President and CEO Fuad Ahmed to pay 59 investors, mostly current and ex-NBA and NFL players, about $13.7 million in restitution for losses they sustained in a Ponzi scam. Success Trade is now expelled from FINRA membership and Ahmed is also barred. […]<\/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":[3792],"tags":[],"class_list":["post-1473","post","type-post","status-publish","format-standard","hentry","category-ponzi-scams"],"yoast_head":"\nPonzi Scams: FINRA Bars Ex-Raymond James Broker Over $3M Ponzi Scam, Expels Success Trade Securities, Inc. for Bilking NFL and NBA Players — Investor Lawyers Blog — June 27, 2014<\/title>\n<meta name=\"description\" content=\"The Financial Industry Regulatory Authority is ordering Success Trade Securities Inc. and its President and CEO Fuad Ahmed to pay 59 investors, mostly — June 27, 2014\" \/>\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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