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Stock Scam Cost Investors $900,000

The Securities and Exchange Commission (SEC) has sued a broker from Palo Alto, California for allegedly operating a stock scam that defrauded investors out of $900,000. According to the SEC, Vinay Kumar Nevatia sold shares of CSS Corp. Technologies (Mauritius) Limited to his clients in 2008 and then he allegedly, without the investors' knowledge, resold the shares to new investors. Kumar was able to conceal his wrong doing by falsely telling the transfer agent for CSS that the original stock certificates had been lost and new ones needed to be issued. According to the Complaint, before the investors could figure out the scam, Kumar "...absconded with the original proceeds." In the fall of 2013, Kumar's brokerage firm, KBR Capital Markets, closed due to its failure to satisfy FINRA's financial requirements.

If you believe you had any dealings with Vinay Kumar Nevatia or have been victimized by securities fraud, financial malpractice, or theft by a FINRA registered broker, please call the securities attorneys of the Costello Law Group at (877) 418-0003 for a free consultation.

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