California Broker and New York Broker-Dealer Accused of Investment Fraud

Posted on May 15th, 2015 at 12:00 PM
California Broker and New York Broker-Dealer Accused of Investment Fraud

From the Desk of Jim Eccleston at Eccleston Law LLC:

Rana Prasad, a broker from San Diego, California, and his employer Stonehaven LLC, a securities brokerage firm in New York, are accused of soliciting 14 Kansas investors to invest in limited partnership interests of the Pathfinder Partners Opportunity Fund III. The Kansas Securities Commission alleges that the fund invested money in distressed real estate and defaulted loans. Prasad gained almost $300,000 in commissions from sales of the Fund, but was not registered to sell securities in Kansas. Also the Fund was not properly registered in the state. Stonehaven and Prasad each agreed to pay $5,000 to settle the claims. Prasad has been currently registered with Stonehaven LLC since April 2010. Before that,

he was registered with Worldco LLC in New York from May 2001 until March 2002, Twenty-First Securities Corp in New York from April 2002 until September 2004, Cullum & Burks Securities Inc. in Dallas, Texas from April 2006 until December 2006, and Bournebridge Securities in San Diego, California from April 2008 until November 2009.

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags: Eccleston Law, James Eccleston, Stonehaven, The Kansas Securities Commission, Pathfinder Partners Opportunity Fund III,

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