Former Tucson Businessman Pleads Not Guilty to Ponzi Scheme

Posted on February 17th, 2014 at 3:30 PM

From the Desk of Jim Eccleston at Eccleston Law Offices:

Herbert Kay, a former Tucson businessman, plead not guilty to charges that he ran a Ponzi scheme.

Kay is accused of collecting $200,000 from five victims andusing the money to pay previous investors. Kay faces 15 charges including theft, illegal control of an enterprise, money laundering, sale of an unregistered security, and fraudulent schemes and artifices. Kay denies any wrongdoing and claims his business simply failed and that he has repaid some investors.

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


Return to Archive



You guys are good!

Mike L.


October 27, 2021
Former LPL Advisor Suspended For Completing 22 Trades Absent Client Consent

The Financial Industry Regulatory Authority (FINRA) has suspended and fined a former LPL advisor who allegedly completed 22 trades on behalf of a client without obtaining written consent. FINRA has issued a $5,000 fine and has suspended Michael Hartlett for 10 days.

October 26, 2021
Former Advisor Fails To Reverse Bar After Alleged $1 Million Theft From RBC

A former RBC Wealth Management advisor lost his bid to reverse an industry bar, according to an appellate decision issued by the Financial Industry Regulatory Authority (FINRA).

October 25, 2021
Firms Walk Thin Regulatory Line In Referring Self-Directed Clients To Advisors

While online trading platforms have surged in popularity during the pandemic, brokerage firms view self-directed investors as a source of new clients.