Michael DeRosa Barred from Securities Industry in Connection with Success Trade Note Sales
Michael Andrew DeRosa, an investment professional, has been permanently barred from the securities industry by the regulators for his alleged participation in the sale of promissory notes issued by Success Trade Securities.
Michael DeRosa’s case is related to an earlier regulatory case currently pending against Success Trade Securities and its CEO, Fuad Ahmed, arising out of their alleged promissory note offering to investors.
The Peiffer Wolf securities attorneys have been investigating the Success Trade investment program and are preparing to take action on behalf of investors.
In April, 2013 the Financial Industry Regulatory Authority charged Success Trade Securities and its CEO, Fuad Ahmed, with perpetrating an $18 million offering fraud.
The financial industry regulators alleged that Success Trade Securities sold more than $18 million in Success Trade promissory notes to 58 investors, through misrepresenting and omissions of material fact. Such misrepresentations and omissions included Success Trade’s total debt levels, its use of the investor funds, and the purported rate of return.
Mike DeRosa was allegedly required to testify and produce documents to FINRA, in connection with his Success Trade promissory note sales, but declined to attend and testify, according to the charges.
As a result of his failure to appear, DeRosa has been barred by FINRA from associating with any of its broker-dealer member firms in any capacity.
DeRosa has submitted a letter of Acceptance, Waiver, and Consent (AWC) as part of a settlement, in which he agreed to the penalty and did not deny or admit FINRA’s findings of fact.
The Peiffer Wolf securities attorneys are preparing to take action on behalf of investors in the Success Trade allegedly fraudulent offering. Their focus is on certain financial service companies that employed investment professionals who sold Success Trade promissory notes to their customers.
The Peiffer Wolf lawyers often represent investors who lose money as a result of Ponzi schemes, 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 they invested in Success Trade may contact the securities lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no obligation evaluation of their recovery options, at 585-310-5140.