Stoltmann Law Offices is still interested in speaking to those investors who may have invested money with Malcolm Segal, a former branch manager of Aegis Capital Corp in Langhorn, Pennsylvania. Last week, Segal was sentenced to ten and a half years in prison by the Securities and Exchange Commission (SEC) for fraudulently selling certificates of deposit. He pled guilty to wire fraud and mail fraud in February and was sentenced Thursday in U.S. District Court in Philadelphia and ordered to pay his victims $3 million in restitution. The SEC also had filed a civil complaint for fraud against him and barred him from the financial industry. His scheme ended in 2014. Segal falsely claimed that his certificates of deposit could provide higher interest rates on FDIC-insured CDs than otherwise available to the general public. In some instances, Segal purchased those CDs on behalf of investors, but took the money for himself. He then told the customers he had purchased the CDs for them and misappropriated their money. Eventually, Segal also stole directly from customer brokerage accounts in an effort to keep funding the ponzi payments and to keep his scheme from being detected.
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