Broker Sold $18 Million in Phony Notes to Many Current and Former NFL and NBA Players
From the Desk of Jim Eccleston at Eccleston Law Offices:
Jinesh “Hodge” Brahmbhatt, who worked with Success Trade Securities Inc. (“Success Trade”), LPL Financial and Merrill Lynch, was barred by FINRA for allegedly selling more than $18 million in fraudulent promissory notes to 58 investors, many of whom are current and former NFL and NBA players. The letter of acceptance, waiver and consent (“AWC”) from FINRA cites Brahmbhatt’s failure to appear and testify in August at a disciplinary hearing regarding Success Trade and its chief executive, Fuad Ahmed.
Brahmbhatt once was registered in the financial advisers program established by the NFL Players Association. He dropped his FINRA license in April 2013. He allegedly had more than 30 clients who had bought about $12 million of the allegedly fraudulent promissory notes from Success Trade.
In April 2013, FINRA filed a cease-and-desist order against Success Trade and Ahmed “to halt further fraudulent activities” and “the misuses of investors’ funds and assets.” Concurrently, FINRA filed a complaint against Ahmed and Success Trade alleging “fraud in the sale of promissory notes issued by the firm’s parent company, Success Trade Inc.” According to Yahoo Sports, athletes who bought the Success Trade notes include Detroit Pistons guard Brandon Knight, Cleveland Browns cornerback Joe Haden, San Francisco 49ers tight end Vernon Davis, former Washington Redskins running back Clinton Portis and Chicago Bears defensive end Adewale Ogunleye.
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