Exclusive: Ex-Broker must pay $2 million to former NBA player

Mon Nov 24, 2014 5:38pm EST
 
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(Reuters) - A former securities broker whom regulators said took part in a multi-million dollar fraud must pay $2 million to a former NBA player, an arbitration panel ruled on Monday.

Sam Young, whose professional basketball career has included stints with the Indiana Pacers and San Antonio Spurs, was among dozens of investors who lost their money after buying fraudulent privately-issued securities sold by the now defunct brokerage, Success Trade Securities.

The ex-broker, Jinesh “Hodge” Brahmbhatt, was found liable in the case, in which Young had alleged civil fraud and negligence, among other things, according to a ruling by a Financial Industry Regulatory Authority (FINRA) arbitration panel. Efforts to locate Brahmbhatt were not immediately successful.

(Reporting by Suzanne Barlyn; Editing by Chris Reese)

 
Indiana Pacers' Sam Young (3rd R) and teammates celebrate after Paul George made a game-tying three point shot to end regulation time during Game 1 of their NBA Eastern Conference final basketball playoff against the Miami Heat in Miami, Florida May 22, 2013. REUTERS/Joe Skipper