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The Securities Arbitration Law Firm of KlaymanToskes, www.klaymantoskes.com, announced today that it is investigating the sales practices of Success Trade Securities in connection with the solicitation of Success Trade promissory notes to 58 of its customers including numerous professional athletes. Earlier this month, FINRA announced that it filed a Temporary Cease-and-Desist Order to halt further fraudulent activities by Success Trade Securities and its CEO & President, Fuad Ahmed, as well as the misuse of investors’ funds and assets. FINRA also issued a complaint against Success Trade Securities and Ahmed charging fraud in the sales of promissory notes issued by the firm’s parent company, Success Trade, Inc.
In its complaint, FINRA alleges that “Success Trade Securities, Ahmed and other registered representatives at the firm sold more than $18 million in Success Trade promissory notes to 58 investors, many of whom are current or former NFL and NBA players, while misrepresenting or omitting material facts.” Specifically, FINRA’s complaint alleges that “Ahmed and Success Trade Securities misrepresented that they were raising $5 million through the sale of promissory notes and continued to make this representation, even as the sales exceeded the original offering by more than 300 percent.” In addition, FINRA charges that “Ahmed and Success Trade Securities misrepresented how the proceeds would be used, instead improperly using the funds to make unsecured loans to Ahmed and to make interest payments to existing noteholders.
Customers of Success Trade Securities who have sustained losses as a result of purchasing Success Trade promissory notes are encouraged to explore all of their legal rights and options. The attorneys at KlaymanToskes are dedicated to pursuing claims on behalf of investors who have suffered substantial investment losses. KlaymanToskes, an experienced, qualified and nationally recognized securities litigation law firm, practices exclusively in the field of securities arbitration and litigation. It continues its representation of investors throughout the world in securities arbitration and litigation matters against major Wall Street brokerage firms.
If you have information relating to our investigation or have investment losses of $100,000 or more in Success Trade promissory notes, please contact Steven D. Toskes, Esquire or Jahan K. Manasseh, Esquire of KlaymanToskes, at 888-997-9956.