Securities Fraud Blog | Find out if your broker is liable for your losses

TAG | ponzi scheme losses

Jun/11

16

BOYNTON BEACH MAN CHARGED WITH MAIL FRAUD IN “PONZI” SCHEME

Comments off · Posted by admin in FINRA

It was anounced on Florida’s Office of Financial Regulation, that on June 3, 2011 there was a filing of a Criminal Information against defendant Anthony F. Cutaia, 65, of Boynton Beach, Florida.  Cutaia made his initial appearance in federal court, and was released on a personal surety bond.  
 
The news-release states that the Information charges Cutaia with nine counts of mail fraud, in violation of Title 18, United States Code, Section, 1341.  More specifically, the Information alleges that Cutaia was the managing member and beneficial owner of CMG Property Investment Group, LLC, which purportedly engaged in commercial real estate investment.  Cutaia was also the host of “Talk About Mortgages and Real Estate,” a television and radio program. 
 
From March 2003 through December 2006, Cutaia entered into Contract Participation Agreements with investors according to the charges.  These contracts stated that investors’ money would be used solely to purchase real estate contracts in Palm Beach and Broward Counties and that CMG would not collect commissions or fees until the properties were sold and a profit was made.  In fact, however, Cutaia allegedly invested little of the investors’ money in real estate and instead used the investors’ money to make payments to pre-existing investors and to pay his own business and personal expenses.  
Have you or your family members become an alleged victim or Anthony F. Cutaia? Protect yourself and your investments from the unscrupulous brokers and brokerages who turn your investments into Ponzi schemes. Call a Securities Arbitration Lawyer at Soreide Law Group, PLLC, for a free consultation on how to potentially recover your investment losses.  To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com.

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May/11

19

Couple Awarded $265K in Maddoff Losses by FINRA

Comments off · Posted by admin in FINRA

Jeffrey and Marisel Lieberman invested $200,000 in 2007, with Morgan Keegan, in what they allegedly felt was a safe and conservative investment. All of their money was deposited into the Fairfield Greenwich Group hedge fund, which was a conduit to Bernie Madoff’s Ponzi scheme.
Recently they were awarded a $265,000 arbitration settlement against Morgan Keegan by FINRA.  Besides the $200,000.00 restitution, Morgan Keegan was also ordered to pay the Liebermans $65,000 in damages and court costs.
The Financial Industry Regulatory Authority (FINRA) arbitration panel called Morgan Keegan “grossly negligent” in its ruling. FINRA stated that “there is clear and convincing evidence that Morgan Keegan was grossly negligent in not performing substantial due diligence and as a result it fraudulently misrepresented the risk of this investment.” The FINRA panel also found Morgan Keegan liable for failing to conduct “substantial due diligence” as required by Morgan Keegan’s own internal procedures. It should be noted that the FINRA arbitration panel also mentioned in their ruling, that not only do Morgan Keegan’s internal procedures require them to perform due diligence, but this obligation extends to all brokerage firms that recommend these types of investments to their customers.
Soreide Law Group, PLLC, is currently investigating potential claims on behalf of investors who lost money through the purchase of hedge funds recommended by  brokers/brokerages. If you invested in these “feeder hedge funds,” such as Greenwich, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses.  To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com.
Soreide Law Group, PLLC., representing investors nationwide before FINRA  the Financial Industry Regulatory Authority.

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