Two Former Brokers from NYLIFE Securities Fined for Ponzi Scheme
John Bravata and Richard Trabulsy, two former brokers from NYLIFE Securities, were ordered by the SEC to pay more than $8 million in disgorgement and fines related to their role in running a $50 million real estate Ponzi scheme.
Bravata founded Bravata Financial Group and BBC Equities. Richard Trabulsy is the chief executive officer of Bravata Financial Group. Between 2006 and 2009, Bravata and Trabulsy received more than $50 million from approximately 440 investors. The SEC alleged that defendants engaged in the unauthorized sale of securities to raise the funds, and that the securities were offered as part of a Ponzi scheme in which the companies paid investors “returns” with money from subsequent investors. In addition, Bravata and Trabulsy used investors’ money to purchase personal luxury goods.
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