Florida Mortgage Brokers Caught by SEC

Steven Shrago, a St. Petersburg mortgage broker, has been indicted among many other mortgage brokers in the area of disguising the risks of investing in mortgage backed securities. The original complaint filed against the defendants in the US District Court of Florida claimed that retirees were targeted by falsely marketed investments in derivatives of mortgage-backed securities. They were called “safe” and “suitable for retirees and others with conservative investment goals.” The name of the company targeted by the charges was Brookstreet Securities Corp. Shrago was a registered representative and investment adviser for Wedbush Morgan Securities Inc. Many other residents of Florida were charged along with Shrago, many living in Boca Raton, Pompano Beach, Parkland, and Weston.

The original complaint filed by the SEC said that over $18 million in combined salaries and commissions were dispersed to the defendants while more than $36 million were suffered in losses by nearly 750 investors. As well as the SEC being involved in this matter, the Financial Industry Regulatory Authority filed charges in suit with the original charges against six other brokers formerly with the company in question. Mortgage fraud occurred here and is clearly the general charge in question.

White collar crimes and mortgage fraud are criminal matters that must be dealt with the utmost care and effectiveness. Criminal defense attorney Ralph Behr handles such matters and is ready to take on your case face-to-face. Schedule a complimentary consultation with Mr. Behr and come with questions ready to ask, if you have any. He can take you through all the courtroom procedure and get you closer to the verdict you are seeking. All cases from Palm Beach County to Broward County to Miami-Dade are accepted.

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