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Success Trade Faces Cease And Desist In FINRA Action

On April 11, 2013, the Financial Industry Regulatory Authority (FINRA) filed a temporary cease and desist order and a complaint for fraudulent sales of promissory notes against Success Trade Securities, Inc. and its CEO & President Fuad Ahmed.

Success Trade is an online broker operating through Just2Trade and LowTrades. FINRA alleges in its complaint that Ahmed and other brokers at the firm misrepresented or ommitted materials facts whent they sold more than $18 million in Success Trade promissory notes to 58 investors, many of whom are current or former NFL or NBA players.

FINRA also alleges that Ahmed and Success Trade failed to disclose material facts related to the company's existing debt. You can access the FINRA news release as well as links to the FINRA complaint here.

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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.