ORLANDO, Fla., July 16, 2012 (GLOBE NEWSWIRE) -- The Securities
Arbitration Law Firm of Klayman & Toskes, P.A. ("K&T")
(http://www.nasd-law.com) announced today that it is continuing to
investigate potential claims against Money Concepts Capital Corp.
("Money Concepts") on behalf of customers of Gurudeo "Buddy" Persaud.
Last month, the U.S. Securities and Exchange Commission ("SEC") charged
Persaud with defrauding investors in an astrology-based Ponzi scheme.
Specifically the SEC alleged that Persaud "lured family, friends, and
others into investing in his firm, White Elephant Trading Company LLC,
by falsely guaranteeing their money would be safe and yield lofty
returns ranging from 6 to 18 percent. Persaud told investors he would
invest in the debt, stock, futures, and real estate markets, but did
not reveal that his trading strategy was based on his belief that
markets are affected by gravitational forces." K&T has spoken with
victims of Persaud, and anticipates filing securities arbitration
claims on their behalf to recover their losses.
"Persaud preyed on people who trusted him by promising high and steady
returns while hiding his unconventional trading strategy," said Eric I.
Bustillo, Director of the SEC's Miami Regional Office. "When Persaud
blatantly lied to investors and hid their losses through a Ponzi
scheme, he should have known that an SEC enforcement action was in the
From November 2003 through September 2010, Persaud was registered with
Money Concepts. The SEC has alleged that Persaud perpetrated his Ponzi
scheme during a portion of this time period. Under FINRA Rules, Money
Concepts was obligated to properly supervise the activities of Persaud
during the time he was registered the brokerage. Accordingly, Money
Concepts may be liable for failing to supervise Persaud's activities
while registered at the firm, and could potentially be responsible for
compensating customers of Persaud for their losses.
Customers of Gurudeo "Buddy" Persaud, White Elephant Trading Company
and/or Money Concepts can contact K&T to explore their legal rights and
options. The attorneys at K&T are dedicated to pursuing claims on
behalf of investors who have suffered investment losses. K&T, an
experienced, qualified and nationally recognized securities litigation
law firm, practices exclusively in the field of securities arbitration
and litigation. It continues its representation of investors throughout
the world in securities arbitration and litigation matters against
major Wall Street brokerage firms.