The securities arbitration attorneys at Meyer Wilson are currently investigating
Ponzi scheme accusations against former Aegis Capital Corp. broker Malcolm Segal.
Meyer Wilson is currently investigating allegations against former Aegis
Capital Corp. and Cumberland Brokerage Corporation broker Malcolm Segal
(CRD# 1723563) that he allegedly raised $15.5 million from at least 50
investors from 2009 through July 2014.
According to the SEC, Segal made false claims that he could get investors higher returns on
FDIC-insured certificates of deposits (CDs) than the general public could get.
Allegedly, Segal purchased the CDs for his investors and took the proceeds
for himself, and in some cases, failed to purchase the CDs he promised
investors he would purchase. The SEC claims that Segal diverted some of
the investors’ money for himself and used the rest to pay back earlier
investors. In the end, claims the SEC, Segal allegedly stole money directly
from his customers’ accounts to keep the Ponzi scheme afloat.
In addition to the SEC’s charges, the U.S. Attorneys’ Office
for the Eastern District of Pennsylvania has also announced that it would
bring criminal charges against Segal.
Tell Us About Your Case
If you or someone you know invested with former broker Malcolm Segal and
lost money, we invite you to contact the securities fraud attorneys at
Meyer Wilson for a free review of your case so you can learn your legal
rights and options.
Free Case Review