A FINRA arbitration panel entered an award against Golden Beneficial Securities Corporation in the amount of almost $2.5 million based upon its failure to supervise Joel David Salinas, one of its employees. Joel David Salinas allegedly invested $3 million of customer money into a supposed corporate bond fund named the JDFG Fixed Income Fund. In reality, the money was being collected to fuel a $50 million Ponzi scheme. Golden Beneficial Securities Corporation’s registration was cancelled this past January. Claims continue to mount against Salinas’ estate and his former firm.

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