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STS, Fuad Ahmed Ponzi Scheme results in Million Dollar Losses for NFL, NBA Athletes Who Invested with Jade Wealth Management

When FINRA accused Fuad Ahmed and his firm Success Trade Securities ("STS") of an $18 million fraudulent scheme, the findings stated that STS sold sham promissory notes to multiple high-profile clients including some current and former NFL and NBA athletes.

After further review, it appears the affected athletes shared another common bond in that they all invested with financial advisor Jinesh "Hodge" Brahmbhatt and his Virginia-based firm Jade Wealth Management.

According to the latest round of foul play allegations, Brahmbhatt and Jade Wealth Management allegedly advised several high profile clients—including Victor Cruz, Vernon Davis, and Brandon Knight—to invest in the STS notes.

The allegations state that in return, STS made at least $1.25 million in payments to Jade. Brahmbhatt claims he was not involved in the STS Ponzi scheme.

Miami Dolphins player Jared Odrick filed a FINRA arbitration claim against both Ahmed and Brahmbhatt, citing for the fact that Jade's offices were listed in the same McLean, Virginia office suite as a now-defunct STS branch.

Meanwhile, three STS representatives who allegedly sold fraudulent notes to investors were concurrently registered with Jade while a monthly report listed Jade as a "division of Success Trade Securities."

Indiana Pacers forward Sam Young and several other players are also expected to blow the whistle on the duo shortly.

For its part, the NFL Players' Association has revoked Brahmbhatt's registration as an NFLPA-approved financial advisor.

If you have invested with Fuad Ahmed, STS, Jinesh Brahmbhatt, Jade Wealth Management or with any other firm, broker or financial advisor whose involvement in sham promissory notes or Ponzi scheme 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.