Category Archives: Primesolutions Securities

Former PrimeSolutions Securities Broker Named in Suit By SEC

Richfield, Ohio-April 15, 2015

Jerry A. Cicolani, 51, was charged in a criminal information with selling unregistered securities in KGTA Petroleum, Ltd., causing dozens of investors to lose over $7 million, according to an FBI press release. 

Cicolani, who was a registered broker with PrimeSolutions Securities, Inc. , concealed his dealings with KGTA from the company while earning $5 million in commissions on the sale of the KGTA stock. FINRA records indicate that Cicolani was registered with PrimeSolutions Securities from 8/2010-5/2014. Prior to that he was registered with Merrill Lynch in Akron, OH. His official records indicate that he has been named in 69 customer disputes and has been terminated twice.

Kelly Hood, 36, of Naples, Florida, has also been charged in a related matter for structuring commission payments to himself and Cicolani in a manner to evade bank reporting requirements.

PrimeSolutions Securities is headquartered in Cleveland, Ohio, and is registered in 32 states.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

SEC Files Case Charging That KGTA Oil Business is a Sham

In a September 30, 2014, Litigation Release, the SEC charged the following for participating in a $20  million fraud involving a sham oil trading business:

  • Thomas Abdallah
  • Kenneth Grant
  • KGTA Petroleum Ltd.
  • Mark George
  • Jeffrey Gainer
  • Jerry Cicolani

Investors were told their funds would be used to buy fuel at a discount for sale at a profit and that the funds would be safeguarded since they would be flowing through an escrow account monitored by Mark George, an attorney.  According to the SEC the business was a sham and the escrow safeguard was a mirage.

Jeffrey Gainer and Jerry Cicolani, formerly registered brokers with Primesolutions Securities, Inc. in Cleveland, OH,  sold the fraudulent investments.

Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.  Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Rex Securities Law

561 391 1900