Please call 866-817-0201 if you suffered investment losses or invested money with Joshua Ray Abernathy. Conversations will be confidential and those seeking representation will be represented on a contingency fee basis.
As first reported in the Virginian-Pilot, Joshua Ray Abernathy, 37, of Norfolk was charged Monday in U.S. District Court with mail fraud and conducting an unlawful monetary transaction. According to court documents, Abernathy stole almost $1.3 million from at least 14 victims living in Virginia and Texas.
The allegations in the charge are that Abernathy did not invest his clients’ money and simply stole the funds, placing some money in his personal securities account, which lost money.
Abernathy prepared fraudulent quarterly statements to conceal the fraud from his clients and hide his “unsuccessful trading strategy.”
Abernathy, formerly of Texas, is no longer licensed by the Financial Industry Regulatory Authority Inc., a self-regulatory organization based in Washington, D.C. He was permanently barred from working in the industry last month after failing to respond to a FINRA request for information and then failing to respond to a suspension letter.
Abernathy – who also sold life insurance – previously worked for The O.N. Equity Sales Company and Next Financial Group Inc. while working in Norfolk, FINRA reported.