10.0David P Neuman
(720) 599-3505

WARNING! Impending Investigation: MALCOLM SEGAL


WARNING! Impending Investigation: MALCOLM SEGAL

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WARNING!  Impending Investigation:  MALCOLM SEGAL

Malcolm Segal Barred From Securities Industry


Have you lost money with financial advisor Malcolm Segal of Langhorne, Pennsylvania?  We are investigating allegations made by the Securities and Exchange Commission (SEC) against Malcolm Segal.  According to a complaint filed by the SEC against Segal in the Eastern District of Pennsylvania, Segal ran a Ponzi scheme from 2009 to 2014, where he raised over $15.5 million from at least 50 investors.


It was alleged that Malcolm Segal recommended that investors buy CDs (certificates of deposit).  Segal claimed that he had access to CDs with higher rates of return than what the general public could get.  The SEC alleges that sometimes Segal would purchase the CDs, but he later would secretly redeem the CDs and steal the money.  The SEC also alleged that Segal would sometimes just pocket the money and deposit it in his own accounts instead of investing it in the CDs as promised.


On April 25, 2016, the SEC barred Malcolm Segal from the securities industry, according to Financial Advisor Magazine.  In February 2016, Segal pled guilty to mail and wire fraud charges.


In conjunction with the SEC complaint, the U.S. Attorney’s office in Philadelphia criminally indicted Malcolm Segal. The U.S. Attorney has filed wire fraud charges against him, alleging that the total money stolen was over $3 million.


Malcolm Segal was a financial advisor and registered representative of Aegis Capital Corp. from April 2011 to July 2014.  Segal was also an advisor with Cumberland Brokerage Corp. from 1999 to April 2011.  He was alleged to have lived in Langhorne, Pennsylvania and Boynton Beach, Florida.


Brokerage firms like Aegis Capital Corp. and Cumberland Brokerage Corp. 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.


Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and the Seattle area.  We represent investors in FINRA arbitration proceedings in all 50 states, including investors throughout Pennsylvania, New Jersey and Florida.  Our attorneys have represented over one thousand investors against many brokerage firms in the past, including LPL Financial, Merrill Lynch, Morgan Stanley, Smith Barney, Stifel Nicolaus & Company, UBS Financial Services, Oppenheimer, Charles Schwab, Wells Fargo Advisors, Ameriprise Financial Services, Raymond James, ProEquities, Securities America, National Securities Corp., and many others.


Click to view:  Segal SEC Comp

Click to view:  Segal BrokerCheck 7.2.15


If you lost money with Malcolm Segal, Aegis Capital Corp. or Cumberland Brokerage Corp., please Contact Us at 720-599-3505 for a free evaluation of your case.

Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.
10.0David P Neuman


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