Cases / Trading, forex & commodities
Syed Arham Arbab, Tomas Javier Jimenez, Blake Douglas McKinney, Mushfiqur Rahman, John Ryan Shows, William Carl Spagnoli
This entry summarizes public reporting and government filings. Charges and civil complaints are allegations unless a court has entered a conviction or judgment — check the source for the current status.
- Industry
- Brokerage-account check "freeriding" (bogus deposits for instant trading credit)
- How investors were recruited
- Arbab recruited high school and college friends and a relative
- Pitch & red flags
- No investment pitch: participants (high-school/college friends and a relative of Arbab) exploited broker-dealers' "instant deposit credit" by depositing from empty or underfunded bank accounts; Arbab coached others by text and began the scheme just before starting a prison term for an earlier fraud
Pitch phrases from this case
Source
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