A FINRA arbitration panel awarded $1.28 million to investors involved in a massive Ponzi scheme. The award ordered FSC Securities Corp to pay investors who fell victim to Aubrey Lee Price multi million dollar Ponzi scheme.
According to InvestmentNews, the claimants alleged that FSC failed to supervise the unnamed brokers in the arbitration claim that sold the unspecified and fraudulent securities. The two unmanned brokers worked with Price to solicit investment into PFG Fund, the main fund of the Ponzi scheme.
The FBI said that Price began gambling with clients money in 2009. Price a former broker for FSC Securities, left in 2008. His scheme continued until 2012, when pierce faked his own death.
The $1.28 million dollar award was for compensatory damages and did not include punitive damages or attorney’s fee.
The foregoing information, which is all publicly available, is being provided by The White Law Group.
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.
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