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

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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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