The Securities and Exchange Commission (SEC) has charged Pennsylvania financial advisor Malcolm Segal with numerous violations, including the operation of a Ponzi Scheme and stealing investor money to enrich himself. According to the SEC, Malcolm Segal falsely sold Certificates of Deposit (CDs) to his customers, claiming he could obtain higher interests rates than were generally available. Segal would then secretly redeem the CDs and use the proceeds for himself; in some cases, the CDs may never have been purchased. The SEC believes that Segal defrauded at least 50 investors of around $15.5 million.
Pennsylvania Securities Litigation Law Firm
Our firm currently represents former customers of Malcolm Segal who lost a significant amount of money in one of his fraudulent or nonexistent CDs. If you or anyone you know may have been damaged by Segal’s scheme, please contact our experienced securities litigation attorneys immediately to protect your legal rights at 1-855-462-3330 or via our online contact form. Please do not wait, as local statutes of limitations for bringing an action may apply.