Malcolm Segal—Fraud Scheme

Malcolm Segal Allegedly Ran a $3 Million Fraud Scheme

Malcolm Segal, 69, and of Langhorne, Pennsylvania, allegedly ran a $3 million fraud scheme wherein he stole from individuals who thought they were investing their money in Certificates of Deposit, and from investors who held funds in brokerage accounts while he worked at Aegis, according to an unsealed SEC Indictment from the U.S. District Court for Eastern Pennsylvania.

The Court Documents further allege that, between July 2011 and July 2014, Segal told a client, known only as B.P., that Mercantile Bank and Bear Stearns were offering Certificates of Deposit (CDs) which paid an annual interest rate of up to 12% with a minimum two-year investment of $100,000.

Malcolm Segal Allegedly Stole an Aggregate Total of Approximately $1,885,067 from Ten Investors

Said Indictment goes on to allege that Segal purportedly accepted at least $100,000 from each of six investors, and that he showed that he had purchased CDs on their behalf when he actually had not.

Segal then, the Indictment further alleges, reportedly mailed fraudulent deposit confirmations from National CD Sales Inc. to the alleged victims, and then mailed the victims checks which he represented as interest payments.

According to the Indictment, Segal used his victims’ money to pay personal expenses and to pay off other investors instead of purchasing CDs on behalf of the victims as promised. Segal then, the Indictment reports, allegedly stole an aggregate total of approximately $1,885,067.10 from the victims, representing the purchase price of the CDs less the purported interest payments.

The Peiffer Wolf Carr & Kane Securities Lawyers Often Assist Investors

The Peiffer Wolf Carr & Kane securities lawyers often represent investors who lose money as a result of fraud schemes. 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 fraud schemes may contact the securities lawyers at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.

Broker: Malcolm Segal

Status: INVESTIGATED by Peiffer Rosca.

For brokercheck report and additional info click here!

phil korosec (1249 Posts)

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.