FINRA Files Order to Shut Down Success Trade Securities, Claiming Firm Scammed Investors

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FINRA filed a cease-and-desist order against Success Trade Securities, accusing the firm and its CEO and President, Fuad Ahmed of fraud related to sales of notes totaling $18 million. The notes were issued by Success's parent company, Success Trade, Inc.

With online affiliates named Just2Trade and LowTrades, Success Trade Securities allegedly sold $18 million in notes to 58 investors, many of whom either currently or previously played in the NFL and NBA.

According to FINRA, Success Trade and Ahmed failed to disclose debt and the fact that the firm would be unable to make future interest payments without first soliciting additional funds from new investors.

FINRA charged Success Trade with selling sham notes to its high-profile clients, finding that the firm continued selling notes even after sales exceeded the original offering by over 300%.

Investigators also discovered that Ahmed himself allegedly used proceeds to finance personal expenses, including clothing, travel and a $1,300 per month lease on his Range Rover.

If you have invested with Success Trade Securities, Fuad Ahmed or with any firm, broker or adviser that has failed to disclose debt or been unable or late in making interest payments, and such activity has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

News: FINRA files complaint against investment firm (Associated Press)