{"id":1695,"date":"2015-08-22T21:25:13","date_gmt":"2015-08-22T21:25:13","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2015\/08\/fsc_securities_to_be_held_acco"},"modified":"2022-03-11T13:34:39","modified_gmt":"2022-03-11T19:34:39","slug":"fsc-securities-to-be-held-acco","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/fsc-securities-to-be-held-acco\/","title":{"rendered":"FSC Securities to Be Held Accountable for $1.2M FINRA Arbitration Award Issued to Victims of Ponzi Scammer Who Faked His Death"},"content":{"rendered":"

\t\t\t\tA Financial Industry Regulatory Authority Inc. panel said that FSC Securities Corp. is responsible for a $1.2 million arbitration award for compensatory damages to investors that were bilked by Aubrey Lee Price, the infamous Ponzi scammer from Georgia who tried to fake his death to in 2012. FSC Securities is a broker-dealer with AIG Advisor Group (AIG).<\/p>\n

The eight claimants contend that the brokerage firm did not supervise a number of brokers who sold them fraudulent securities that were part of Price’s $40 million Ponzi scam. According to their securities lawyer, Price and two other ex-FSC brokers persuaded clients to invest in the PFG fund, an unregistered investment fund, which was the main product of the scheme.<\/p>\n

When the trading account sustained huge losses Price prepared account statements for investors that noted fake asset amounts and investment returns. The claimants believe that FSC failed to properly supervise its brokers and had numerous chances to detect that Price and the other brokers were selling away into the PFG fund while claiming “preposterous” return rates.<\/p>\n

Price was an FSC broker from 2006 to 2008. Prior to that he worked at Citigroup Global Markets (C) <\/a>and Banc of America Investment Services (BAC)<\/a>. Last year, a federal judge sentenced him to 30 years behind bars for bank fraud.
\n Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A Financial Industry Regulatory Authority Inc. panel said that FSC Securities Corp. is responsible for a $1.2 million arbitration award for compensatory damages to investors that were bilked by Aubrey Lee Price, the infamous Ponzi scammer from Georgia who tried to fake his death to in 2012. FSC Securities is a broker-dealer with AIG Advisor […]<\/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":[3739,3792,3803],"tags":[3006],"class_list":["post-1695","post","type-post","status-publish","format-standard","hentry","category-finra","category-ponzi-scams","category-senior-investors","tag-fsc-securities"],"yoast_head":"\nFSC Securities to Be Held Accountable for $1.2M FINRA Arbitration Award Issued to Victims of Ponzi Scammer Who Faked His Death — Investor Lawyers Blog — August 22, 2015<\/title>\n<meta name=\"description\" content=\"A Financial Industry Regulatory Authority Inc. panel said that FSC Securities Corp. is responsible for a $1.2 million arbitration award for compensatory — August 22, 2015\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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