Atlanta-Based Paul Marshall Allegedly Misappropriated Client Funds
Paul Marshall, a state-registered investment adviser representative who owned and controlled three Atlanta-based companies: Bridge Securities, LLC, Bridge Equity, Inc. and FOGFuels, Inc., was charged by the Securities and Exchange Commission (SEC) on September 11, 2013 with misappropriating $2 million in client assets, a statement from the SEC alleges. The SEC further alleges that Marshall was ordered last month to pay $15 million in penalties and restitution. Marshall was barred by FINRA in 2013 from associating with any broker-dealer member firm after he reportedly misappropriated approximately $2 million in client assets for personal use, using the cash on luxury vacations, child support and alimony, and private school tuition and camps for his children, the SEC said in its initial complaint filed in September 2013.
SEC Alleges that Marshall Induced Elderly Clients to Transfer Funds to His Personal Bank Account
According to the SEC’s complaint, Marshall instructed clients, many of whom were elderly, to transfer funds to bank accounts under his control for supposed investment in an array of securities, including mutual funds. In reality, Marshall used those client funds to pay personal expenses, and the complaint further alleges that Marshall concealed his fraud by providing advisory clients with fabricated account statements. In addition, the SECs complaint alleges that Marshall, who began his career in 1989 with PaineWebber Inc. and served at approximately eight other brokerage firms during his career, misappropriated $100,000 from an advisory client who invested in FOGFuels. Marshall was reportedly relieved of his duties from Oppenheimer & Co. Inc. in 2008 after a customer complaint alleged he had taken a loan from a client and engaged in private securities transactions, according to a FINRA BrokerCheck report.
Investment Fraud Lawyers Investigating
The Peiffer Rosca Wolf securities attorneys often represent investors who lose money as a result of investment fraud, or stockbroker misconduct. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.
Broker: Paul Marshall
Status: INVESTIGATED by Peiffer Rosca.
For brokercheck report and additional info click here!