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NEW YORK (AP) â€” The Financial Industry Regulatory Authority is barring a company from the securities industry for allegedly running a Ponzi scheme that defrauded 59 people,Wholesale Authentic Jerseys, most of them current or retired NFL and NBA players.
Finra says Ahmed and Success Trade sold $19,Cheap World Cup Jerseys 2018.4 million in promissory notes to investors between 2009 and 2013,Wholesale NBA Jerseys China. They say investors weren't informed that the Washington company was in bad financial shape and lost money in 13 of the previous 14 years,Cheap Jerseys Free Shipping. Ahmed allegedly used the funds for personal expenses and to pay note holders instead of using the money for business expenses.
Finra ordered Fuad Ahmed to pay $13.7 million to investors. It also barred Ahmed and his company,Jerseys NBA China, Success Trade Securities,Cheap NFL Jerseys Wholesale, from the industry for the Ponzi scheme and the fraudulent sale of promissory notes.