Former NBA player, Sam Young, was awarded $2 million after allegedly being defrauded by his broker, Jinesh “Hodge” Brahmbhatt. The fraud began in 2012 when Brahmbhatt advised Young to invest in unregistered promissory notes. The worthless notes were issued by CFP Group Inc. and also Success Trade Securities, Inc. Brahmbhatt had worked at Success Trade Securities, Inc. in Washington, D.C.
Earlier this year, Success Trade’s president, Faud Ahmed, also received an unfavorable award against him for selling promissory notes. Both Ahmed and Brahmbatt have been barred from the securities industry. Ahmed is currently in the process of appealing FINRA’s decision to bar him and insists that the promissory notes were legitimate investments.
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