Meyer Wilson Investigates Ponzi Scheme Allegations Against Former Broker Malcolm Segal
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.
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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