Samuel Morocco, an investment advisor from the Canton, Ohio area illegally sold unregistered "promissory notes" to investors for Joanne Schneider, according to an order issued by the the Ohio Division of Securities. The promissory notes, which were marketed as "safe" and "guaranteed" to produce an 18% monthly return for investors, were actually worthless. Morocco's customers lost everything when Schneider's ponzi scheme collapsed in early 2005. A group of Morocco investor have now joined together and are demanding compensation for their losses from two national stock brokerage firms. Read More. The investors are claiming these firms failed in their duty to protect the public by carefully supervising and monitoring Morocco's sales activities. The investor group is represented by John S. Chapman & Associates.
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