Eubiquity Capital LLC Involved in Ponzi Scheme – Goodman & Nekvasil P.A. May Recover Investor Losses
Goodman & Nekvasil P.A. May Recover Investor Losses - Eubiquity Capital LLC Involved in Ponzi Scheme
Stephen Eubanks, a licensed broker with Bright Trading, LLC from 2010 until Stephen Eubanks’ firing in 2016, pled guilty to one count of wire fraud for Stephen Eubanks’ involvement with Eubiquity Capital, LLC. The SEC reported to FINRA that the criminal information Stephen Eubanks pled guilty alleged, inter alia, that:
(a) Starting in or about 2010, as part of a scheme to defraud, Stephen Eubanks falsely presented himself to others as an experienced investment adviser who ran a hedge fund. Stephen Eubanks encouraged friends, family members, and neighbors to allow him to invest money on their behalf. Stephen Eubanks also entered into contracts with two individuals to invest in securities on their behalf, and they provided him with money to make such investments.
(b) Stephen Eubanks told potential investors that he was a registered financial advisor operating Eubiquity from his home office and that Eubiquity was affiliated with various major investment or brokerage firms. Stephen Eubanks falsely told these potential investors that he pooled investor assets in a “hedge fund partnership” and traded in stocks, index funds and options.
(c) Stephen Eubanks raised money from clients and investors but did not invest the funds on their behalf. Instead, Stephen Eubanks distributed the funds raised from clients and investors among accounts controlled by Stephen Eubanks and used the funds to pay personal expenses or returns owed to earlier investors.
(d) Stephen Eubanks sometimes gave his clients brokerage statements purporting to show positive balances in Eubiquity accounts, when in fact the statements were from Stephen Eubanks’ or other investors’ personal accounts, or were a digitally-created combination of account information that created the illusion that a single Eubiquity account had a particular balance.
(e) In the period from 2010 to 2016, Stephen Eubanks defrauded approximately 32 investors, causing losses of approximately $437,609.35.
If you lost any money on investments in Eubiquity Capital, LLC, you may be able to recover your losses from Bright Trading, LLC. This is because Bright Trading, LLC had a duty to supervise Stephen Eubanks.
If you lost money on investments in Eubiquity Capital LLC, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against Bright Trading, LLC. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $300 million on behalf of victimized investors.
If you invested in Eubiquity Capital LLC with Stephen Eubanks advisor and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
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