Leroy Brown goes down

Rob sends us a link to update our story about crooked-ass Leroy Brown, Junior, the financial adviser who we wrote about last week. It looks like the Securities and Exchange Commission have shut the fellow down;

On April 13, 2015, the SEC obtained a temporary restraining order and emergency asset freeze against Leroy Brown, Jr. and his firm, LB Stocks and Trades Advice LLC to halt this ongoing and fraudulent scheme. The SEC’s complaint accuses Brown and LB Stocks and Trades Advice LLC of using false pretenses to solicit funds from investors, many of whom are active members of the U.S. military, including those serving at Fort Hood in Killeen, Texas. Brown exploited relationships he made during his time in the military, as well as his own military experience, to gain investors’ trust. He assured investors that he had years of experience in the securities markets, and that he and companies he controlled had all necessary licenses and registrations with the SEC and the Financial Industry Regulatory Authority (FINRA). Brown promised investors he would double or triple their money, and that his investments could not lose.

According to the SEC, these claims were false. Brown and his companies have no securities licenses, and Brown himself has no evident experience with investments.

I guess the SEC is only seeking civil relief and they want to get the money back (not that it will do the actual investors any good), so you folks be careful out there. My investments are with a very reputable, well-known mutual fund company. If we learned anything from Fred Flinstone it’s that there is no actual get-rich-quick scheme. investing takes patience. Only the greedy get ripped off.

Category: Shitbags