Two Former Brokers from NYLIFE Securities Fined for Ponzi Scheme

Posted on March 21st, 2014 at 9:00 AM

From the Desk of Jim Eccleston at Eccleston Law Offices:

John Bravata and Richard Trabulsy, two former brokers from NYLIFE Securities, were ordered by the SEC to pay more than $8 million in disgorgement and fines related to their role in running a $50 million real estate Ponzi scheme.

Bravata founded Bravata Financial Group and BBC Equities. Richard Trabulsy is the chief executive officer of Bravata Financial Group. Between 2006 and 2009, Bravata and Trabulsy received more than $50 million from approximately 440 investors. The SEC alleged that defendants engaged in the unauthorized sale of securities to raise the funds, and that the securities were offered as part of a Ponzi scheme in which the companies paid investors “returns” with money from subsequent investors. In addition, Bravata and Trabulsy used investors’ money to purchase personal luxury goods. 

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

Tags:

Return to Archive

TESTIMONIALS

Previous
Next

I am so blessed to have you and your dynamic team defending me. Your ethics, forward thinking and strategies are amazing.  You guys are the best group of attorneys in the country that I could hire to handle this complicated case.

Cindy C.

LATEST NEWS AND ARTICLES

January 21, 2022
CFP Board Establishes New Appeals Commission

The Certified Financial Planner (CFP) Board of Standards has established a new Appeals Commission. As the name suggests, the Appeals Commission possesses the sole authority to adjudicate appeal hearings.

January 20, 2022
Edward Jones Fails To Convince Supreme Court To Review Federal Preemption of Account Fee Suit

Edward Jones & Co. failed to convince the U.S. Supreme Court to analyze how a federal securities law impacts a client dispute pertaining to fee-based accounts.

January 19, 2022
SEC Charges Texas Entities Over Oil and Gas Fraud

The Securities and Exchange Commission (SEC) has charged The Heartland Group Ventures, Heartland Production and Recovery, six other Heartland-affiliated entities, four Heartland-affiliated individuals as well as several oil and gas operators.