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,

Return to Archive



Thank you so very much for your guidance, patience, and expertise.

Beth and Steve K.


September 22, 2023
State Regulators Maintain Opposition to FINRA's Remote Supervision Pilot Program

The North American Securities Administrators Association (NASAA) and the Public Investor Advocate Bar Association (PIABA) has consistently opposed the Financial Industry Regulatory Authority's (FINRA) proposal for a voluntary three-year pilot program for remote inspections.

September 21, 2023
SEC Charges Private Equity Firm Over Fee Disclosure Failures to Affiliate

The Securities and Exchange Commission (SEC) has charged Prime Group Holdings LLC, a private equity firm specializing in alternative real estate asset investments, with
inadequate disclosure of millions of dollars in real estate brokerage fees paid to a brokerage firm owned by its CEO.

September 20, 2023
SEC Orders Legendary Capital Founder and REIT Advisors to Pay Nearly $5 Million

Corey Maple, co-founder of non-traded REIT sponsor Legendary Capital, has agreed to a $100,000 civil penalty to settle charges brought by the Securities and Exchange Commission (SEC).