April 4, 2016
The Securities and Exchange Commission (SEC) filed a complaint charging four individuals with fraud on senior citizens who were tempted to “free dinner” seminars where they were solicited to invest.
At the dinners, which were held at a Tampa restaurant, the mostly elderly attendees were provided with phony marketing materials that were actually cut and pasted from another firm’s website. According to the SEC a large portion of the money raised was never invested but split among the co-conspirators of the fraud.
Named in the complaint are:
- Joseph Andrew Paul of Philadelphia. According to FINRA records, Paul was a stock broker with Arjent LLC from 3/2010-1/2011. Prior to that he worked for Kovack Securities. He has previously settled five customer complaints. In May of 2007 he was discharged by Wachovia Securities for failure to adhere to firm policies. IN July 200y he was discharged from PNC Investments.
- John D. Ellis, Jr. of Philadelphia- According to FINRA records he was last employed as a broker with Kovack Securities where he worked from 11/2007-7/2009. He has previously settled two customer complaints.
- Donald H. Ellison of Palm Bay, FL- He was last employed by Southridge Investment Group from 5/2011-9/2011 and from 9/2009-8/2010.
- James S. Quay of Atlanta- Quay used an alias “Stephen Jameson” to conceal his identity so that potential victims would not learn of his prior conviction for tax fraud in 2005 and securities fraud in a 2012 SEC enforcement action.
According to the SEC, from 2010-2012 Paul and Ellis marketed themselves as experienced money managers through Paul-Ellis Investment Associates
If you had losses in an account handled by Joseph A. Paul, John D. Ellis or Donald H. Ellison while they were working for a registered broker dealer, contact us to learn about your legal rights.
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.
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