Malcolm Segal, a former broker within the industry, is facing charges that he was allegedly involved in a ponzi scheme. Segal ran a branch of Aegis Capital Corp in Langhorn, Pennsylvania, called J&M Financial. He offered clients certificates of deposit (CDs) offered by Mercantile Bank and Bear Stearns that paid an annual interest rate of up to 12 percent with a minimum two-year investment of $100,000. Instead of purchasing the CDs for his clients, he redeemed them for himself and took the money to spend on a condo in Florida and other personal items. Segal then began a ponzi scheme, paying out earlier investors with new investor money. This began in 2011. By July 2014, the scheme had fallen apart, with Segal struggling to pay his investors.
Before being registered with Aegis Capital Corp in New York, New York, Segal was registered with Cumberland Brokerage Corporation in Langhorne, Pennsylvania from January 1989 until April 2011. He has seven customer disputes against him, five of which are pending. He is not licensed and has been permanently barred from the industry by the Financial Industry Regulatory Authority (FINRA). You may sue Aegis Capital for failing to supervise Mr. Segal while he was employed with them. It was their responsibility to supervise him, and, because they did not, may be liable for financial losses. Please call Stoltmann Law Offices at 312-332-4200 to find out how to sue them in the FINRA arbitration process. The call is free with no obligation.
Disclaimer
The posting on this site are mere OPINIONS and NOT statements of fact in any way whatsoever. The information should not be relied upon and there have been no findings made against the firms or individuals referenced on this site. In addition, this Blog is made available for educational purposes only and incorporates information from the web as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and Stoltmann Law Offices (161 N Clark Street 16th Floor Chicago, IL 60601). The Blog opinions should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.
PLEASE NOTE THIS IS ADVERTISING AND IT IS NOT A NEWSPAPER ARTICLE OR POST FROM AN INDEPENDENT OR NON-BIASED, NEWS SITE, NEWS SOURCE OR NEWSPAPER.
