Internet broker Success Trade Securities was expelled from the securities industry by the Financial Industry Regulatory Authority, which also ordered the company’s chief executive to pay $13.7 million in compensation to 59 investors.
FINRA said on Wednesday that the company, which had many NBA and NFL athletes as clients, and its CEO and president, Fuad Ahmed, fraudulently sold promissory notes as part of a Ponzi scheme. FINRA also barred Ahmed from working with securities.
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