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Articles Tagged with Rebecca: The Musical

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Investment fraud lawyers are currently investing claims on behalf of the clients of Mark Hotton. A recent complaint filed by the Financial Industry Regulatory Authority alleges that Hotton stole or rerouted money from his clients — funds that amounted to at least $8.5 million. Hotton, a stockbroker and businessman, was earlier accused of having allegedly defrauded the production team of “Rebecca: The Musical” by fabricating investors. Hotton was later sued by the producers of the musical. In an earlier statement, Preet Bharara, Manhattan U.S. Attorney, alleged that Hotton had “faked lives, faked companies and even staged a fake death, pretending that one imaginary investor had suddenly died of malaria.”

Mark Hotton Allegedly Defrauded Clients; Investors Could Recover Losses

FINRA’s latest charges against Hotton are separate from the charges that he defrauded the producers of the musical. These charges state that since 2006, Hotton allegedly stole at least $5.9 million from clients and caused funds amounting to at least $2.6 million to be rerouted from the Oppenheimer Inc. brokerage accounts of his clients. These rerouted funds were wired to Hotton’s outside business activities, other entities and individuals affiliated with Hotton. Furthermore, securities arbitration lawyers say Hotton reportedly lied when filling out third-party wire request forms, forged letters of authorization signatures and created investments that were completely fictitious.

In 2009, Hotton left Oppenheimer and he was last registered, until May 2012, with Obsidian Financial Group. Hotton faces serious charges in both cases, including 20 years in prison for each count of wire fraud related to the musical and monetary sanctions and/or a bar from the securities industry related to the most recent charges. Clients of Hotton are encouraged to contact an investment fraud lawyer as soon as possible to explore their options for recovering their losses through all possible avenues, including securities arbitration.

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