Jersey City broker, Evan Kochav, has been indicted for allegedly stealing from clients and spending the money in Atlantic City casinos.

According to Fa-Mag.com, Kochav has been accused of using $561,000 from 10 investors for his personal expenses. Allegedly Kochav promised investors he would invest their money through his company White Ceder Group LL, but instead used the money to gamble and pay personal expenses.

Kochav has been charged with theft by deception, money laundering and misconduct by a corporate official. Fa-Mag.com reports that in an earlier Kochav’s registration as a securities agent was revoked and his firm fined $2 million.

Brokerage firms have a responsibility to adequately monitor their employees. When a broker commits fraud and steals from clients, the firm may be liable for negligent supervision and held liable for investment losses.

According to BrokerCheck, Kochav was a registered representative with J.P. Turner & Co from 03/2007 – 08/2009, Newbridge Securities from 09/2009 – 10/2012, and World Equity Group from 10/2012 – 06/2013.

If you invested with Evan Kochav and would like to speak to a securities attorney about your potential to recover losses through Financial Industry Regulatory Authority (FINRA) arbitration, please call the firm’s Chicago office at 312-238-9650.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For more information on The White Law Group and its representation of investors, visit www.WhiteSecuritiesLaw.com.