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JOSHUA ABERNATHY SENTENCED TO SEVEN YEARS IN PRISON

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16
Jul

JOSHUA ABERNATHY SENTENCED TO SEVEN YEARS IN PRISON

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Joshua Abernathy Sentenced to Seven Years in Prison

Have you lost money with financial advisor Josh R. Abernathy from Norfolk, Virginia?  We are investigating allegations made by the U.S. Attorney for the Eastern District of Virginia, who charged Joshua Ray Abernathy with mail fraud and conducting unlawful monetary transactions on March 2, 2015.  Abernathy is accused of stealing $1.3 million from at least 14 victims from Virginia and Texas.  Our firm currently represents two of Abernathy’s victims.

Joshua Abernathy created a purported entity called Omega Investment Group.  He represented to victims that he would invest in options, puts, and calls (in companies like Apple, Netflix, and Google) through Omega, with the expectation of profit.  Some of the trades were done through an E-Trade account held in Abernathy’s name, although Abernathy is alleged to have stolen and misappropriated many of his clients’ funds instead of investing it on their behalf as represented.  In order to keep up a false pretense that the money was actually invested, Abernathy sent fake quarterly statements to clients, which purported to show how much money was in their “accounts” and what profits they earned.

According to wavy.com, Josh Abernathy was sentenced to a seven-year prison term, on July 15, 2015.  He was also ordered to pay back over $1.1 million in restitution.

Joshua “Josh” R. Abernathy was a financial advisor and registered representative of O.N. Equity Sales Company from February 2013 to August 2014, and with Next Financial Group from March 2007 to September 2012.  Abernathy worked in branch offices in Norfolk, Virginia.  Abernathy was barred from the securities industry by FINRA in late February 2015 for failing to respond to an investigation into this conduct.

Our firm represents two of Abernathy’s victims.  Brokerage firms like Next Financial Group and O.N. Equity Sales Company (ONESCO) have a responsibility to adequately supervise all representatives who are registered through their firm.  Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies.  When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.

Our attorneys have represented over one thousand investors who have been defrauded by their financial advisor or stockbroker.  While we have offices in Denver and the Seattle area, we have also previously represented clients throughout Virginia and Texas, and we currently represent clients against O.N. Equity Sales Company and Next Financial Group, including claims involving Josh Abernathy.  If you have lost money with Josh Abernathy, O.N. Equity Sales Company, Next Financial Group, or Omega Investment Group, and want to hear about ALL legal options, please visit https://www.israelsneuman.com or call us at 720-599-3505.

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