Customers are to be paid within four months.
Naples-based securities attorney Chris Vernon, who has represented clients with claims against A.S. Goldmen, was disappointed by the industry's regulatory response. A.S. Goldmen, formerly hired to raise money for the failed Stadium Naples golf project, is facing a criminal fraud probe by prosecutors in New York and several inquiries by state securities regulators, the federal Securities and Exchange Commission and, most recently, the Florida Department of Law Enforcement. A.S. Goldmen appealed and at the time firm owner Anthony Marchiano called the decision unjust. The firm's lawyers argued in the appeal that the market was competitive. During the appeal, the NASD Regulation staff reversed its finding that the firm derived excessive underwriting compensation, saying the staff miscalculated the amount of illicit profits.