July 2, 2015 Comments (0) Blog, Securities Fraud

Pennsylvania financial advisor charged with fraud

(Last Updated On: April 28, 2016)

Malcolm Segal, of Langhorne, PA was charged with six counts of mail fraud as well as three counts of wire fraud according to United States Attorney Zane David Memeger. As a financial advisor with Aegis Capital Corporation, Segal allegedly stole funds while telling clients that he was investing the money in Certificates of Deposit.

The indictment states that Segal told clients they could receive an annual interest rate of up to 12%. Segal allegedly mailed his victims fraudulent deposit confirmations along with checks that he claimed were the interest payments. Segal allegedly used his victim’s money to pay personal expenses and to pay off interest payments to other investors. He supposedly stole approximately $1,885,067 from the victims of this fraud. The indictment alleges that Segal also stole 1,218,183 from brokerages accounts of his clients at Aegis. He allegedly did this by making unauthorized wire transfers of fund into his own accounts.

If convicted of all charges, Segal faces a maximum possible statutory sentence of 180 years in prison.

An Indictment is only an accusation. A defendant is presumed innocent unless and until proven guilty.

If you suffered losses investing with Malcolm Segal, and would like a free consultation with a securities attorney, please call The White Law Group at (312)238-9650.

The White Law Group is a national securities arbitration, securities fraud, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For more information on The White Law Group, visit www.whitesecuritieslaw.com.

 

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