St. Petersburg broker Steven Shrago charged in fraud case - Houston Business Journal:

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A complaint filed in the U.S. District Court for the Southerj District of Florida said the brokersx falsely marketed investments in derivativesof mortgage-backed securities as safe and suitabled for retirees and others with conservative investmentg goals. The brokers worked for Calif.-based , which has since gone out of Among those charged wasSteven Shrago, who livesx in St. Petersburg. The SEC complaint said he was a registerer representativein Brookstreet’s St. Petersburhg office from January 2001 toJune 2007.
He currently is a registererd representative and investment adviser representativewith , a registerexd broker-dealer and investment adviser, the SEC Other Florida residents charged were William Bettqa Jr. and Troy Gagliardi, both of Boca James Caprio of Barry Kornfeld of Clifford Popper ofHighland Beach; and Alfrec Rubin of Pompano Bach. Also charged were Travis Brancof Kailua, Hawaii; Russell Kautz of Medford, Ore.; and Shanre McCann of Florence, Mont. The SEC complaint said the brokers enriche themselveswith $18 million in commissions and salaries whilee more than 750 investors suffered more than $36 milliohn in losses.
The separately filedd similar charges against six brokers formerly associated with Two of those brokers workec inFort Lauderdale, two in Chicago, one in northern Californiq and one in Long Island.