California Stockbroker Charged with Fraud
A San Diego, California stockbroker was charged with fraud in connection with his role promoting an allegedly fraudulent, multi-million dollar investment scheme.
The alleged Ponzi scheme was promoted nationwide. The promoters, along with the San Diego stockbroker, purported to operate an algorithmic hedge fund. They assured investors they had created a computerized, high speed arbitrage program designed to profitably buy and sell investment products acoss various markets.
They also told investors the hedge fund was backed by a New York billionnaire.
They assured investors there was little to no risk of losing money through that computerized trading system they had created.
In reality, it was all smoke and mirrors, according to a complaint filed in federal court against the stockbroker and his accomplices.
Securities attorneys Jason Kane, Joe Peiffer, and Dan Carr are investigating the allegedly fraudulent scheme, which was promoted under the name of Ramco / Westover.
Their focus is on a securities broker-dealer firm that employed the San Diego stockbroker but failed to supervise its alleged sales of fraudulent securities issued by Ramco / Westover to the public.
“Securities broker-dealer firms have a duty to adequately supervise their agents and prevent them from defrauding the public,” said Jason Kane, a securities attorney.
Investors in Ramco / Westover may contact attorneys Jason Kane or Joe Peiffer for a free evaluation of their case at 585-310-5140.