The Financial Industry Regulatory Authority (FINRA), in 2013, suspended Cedar Brook Financial Partners, Michael Perlmuter, Howard Slater and Azim Nakhooda and fined them after it was alleged that they made false statements about the safety of high-risk funds such as Medical Capital Holdings, Inc. (MedCap). FINRA alleged that Perlmuter, Slater and Nakhooda made “false and misleading statements” about MedCap during the time that its President Joseph Lampariello pleaded guilty to wire fraud. Lampariello was charged for conducting a ponzi scheme that had marketed $2.2 billion in notes to more than 20,000 investors. Allegedly, the three Cedar Brook advisors sent emails to clients that contained “material misrepresentations” about the liquidity and safety of MedCap. Perlmuter received an eight-month suspension and a $40,000 fine, Slater received a five-month suspension and a $30,000 fine, and Nakhooda received a nine-month suspension and a $50,000 fine. Please call Stoltmann Law Offices at 312-332-4200 to speak to one of our attorneys for free about your options of recovering your losses with Cedar Brook.
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