Broker Sold $18 Million in Phony Notes to Many Current and Former NFL and NBA Players

Posted on November 22nd, 2013 at 4:47 PM

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.  

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

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We just wanted to say thanks for your work in helping us get back some of the money we lost. We are not by any means rich, but we have saved some money and we have done so through a tight-fisted approach to most everything we do. So losing a significant chunk of money hurt…especially at a time when everyone else was growing their accounts. We really appreciate the work you did.

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