Publicly available records provided by the US Department of Justice on May 3, 2016 indicate that former Florida-based Dawson James Securities broker Pranav Patel has been indicted in an alleged “market manipulation scheme.” The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Patel (CRD# 5391213).
Pranav Patel has spent seven years in the securities industry and was most recently registered with Dawson James Securities in Boca Raton, Florida (2015). Previous registrations include Columbus Advisory Group in New York, New York; National Securities Corporation in Miami, Florida; NSM Securities, which has since been expelled by FINRA, in West Palm Beach, Florida; CBG Financial Group in Boca Raton, Florida; and Gunnallen Financial in Boca Raton, Florida he is currently not registered with any state or firm.
According to the Department of Justice, Pranav Patel has been indicted with eight other individuals, including four other registered brokers, on charges that include securities fraud, wire fraud, money laundering, and making a false statement to law enforcement officers. The charges relate to an alleged manipulation of ForceField Energy, Inc.
Robert Capers, United States Attorney for the Eastern District of New York, said in a statement, “As alleged, the defendants and their network of registered brokers and stock promoters designed an elaborate but fraudulent scheme built on lies, kickbacks and manipulated trading activity to defraud the securities markets, the investing public and their clients. They took a company with essentially no business operations and little revenue and deceived the market and their clients into believing it was worth hundreds of millions of dollars through a dizzying round of unauthorized trades and deceptive promotions. In the end, the deceived investors were left holding the empty bag.”
The indictment specifically alleges that ForceField distributed kickbacks to the brokers in question in exchange for the purchase of ForceField stock in their clients’ accounts. According to the release: “Using offshore entities and bank accounts, ForceField paid Mitchell a ten-percent commission, or kickback, for purchases of ForceField stock generated by the corrupt brokers. Mitchell then shared the ten-percent commission with those who had stuffed their clients’ brokerage accounts with ForceField stock. Mitchell, the corrupt brokers and ForceField did not disclose to the brokers’ clients the ten-percent kickbacks the brokers were receiving for purchasing ForceField stock.”
The charges—which are merely allegations on the part of the US Justice Department, as the defendants are innocent until proven guilty—remain pending.
If you have lost money investing with Pranav Patel, you may be entitled to recover your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. Fitapelli Kurta takes every case on a contingency basis, which means Fitapelli Kurta only gets paid if and when you collect money. By law there may be a limited window to file your claim, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.