Jerry David Dominelli, of J. David Securities and J. David Interbank Foreign Currency, is now in jail. His investment firm is bankrupt, and the $112 million investors had put into his foreign currency trading operation has disappeared. Despite his ties with prominent firms, including the Rogers & Wells law firm and Prudential Bache, Dominelli, who apparently had engineered a Ponzi scheme, had a falsified investment track record and was never a competent stockbroker. Norman Nouskajian, a partner in Rogers & Wells and lawyer for J. David Securities, has been charged with the sale of unregistered securities, civil conspiracy, and legal malpractice. Dominelli supposedly compiled his successful investment record while working at Bache. However, John Farrish, manager of a Bache branch, said in 1982 that Dominelli lost money on a deal on which Dominelli claimed to have made $28,064. Some investors believe Bache knew enough about Dominelli's deceptions to stop him, and a group of about 33 investors plan to file suit against Bache. Dominelli apparently mixed customer money and corporate accounts, and financial experts say his books were a financial disaster.
Full text: Barron's National Business and Financial Weekly, May 7, 1984
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