Another Securities Scandal

BROOKLYN (CN) Philip Barry, head of the Leverage Group, took a family's life savings of more than $800,000, "guaranteed" them returns of 12.5%, but won't return the money and won't say where it went, the family says. Nor did Barry reveal that six other lawsuits accuse him of essentially the same thing, the family claims in Federal Court.

Defendants include Leverage Group, Leverage Option Management Co. Inc., North American Financial, Philip Barry LLC, Philip Barry. All the businesses allegedly operate out of Brooklyn.

Plaintiffs are represented by Richard Lefkowitz of Garden City, N.J.

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