Meyer Wilson’s securities fraud lawyers are investigating claims involving Josh Ray Abernathy that he defrauded investors out of $1.3 million.
A former Norfolk-based securities broker is facing allegations of fraud after allegedly taking more than $1.3 million from investors between 2008 and 2014. Joshua Ray Abernathy (CRD# 4162073) worked for O.N. Equity Sales and Next Financial Group when the alleged misconduct is said to have occurred.
Last week, Abernathy was charged in a Complaint filed in U.S. District Court with one count of mail fraud and one count of conducting an unlawful monetary transaction. Court documents allege that Abernathy defrauded investors in both Texas and Virginia.
Allegedly, Abernathy promised 10 to 20 percent returns to his clients, many of which were single mothers, widows, and people he met at church.
Rather than invest his clients’ money as promised, Abernathy is accused of pocketing the money for his own personal use and lying to conceal it. FINRA barred Abernathy from the securities industry last month after he failed to respond to the regulatory organization’s request for information.
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