News & Publications

News Releases

Feb 17

Securities Commissioner Warns Mongolian Victims of Advance Fee And Imposter Scheme

The Texas State Securities Board is warning against an advance fee fraud and imposter scheme perpetrated by parties pretending to be the Texas State Securities Board. The scam is targeting victims of cryptocurrency fraud residing in Mongolia, falsely claiming the agency will compensate them for...
Jan 19

Texas Securities Board Joins $22.5 Million State Settlement with Nexo Capital over Unregistered Digital Assets Investment Accounts

The Texas State Securities Board joined other state securities regulators and the U.S. Securities Exchange Commission (SEC) in jointly announcing a settlement in principle with Nexo Capital, Inc. (Nexo). The settlement requires Nexo to pay a total of approximately $22.5 million in fines to state...
Nov 8

Securities Commissioner Stops Convicted Felon from Defrauding Texans

Securities Commissioner Travis J. Iles filed an emergency cease and desist order that accused Adrian Lamont Gunn, a resident of Lubbock, from perpetrating an illegal securities scheme. According to the order, Gunn is a convicted white-collar criminal. Before perpetrating his recent scheme, Gunn...

Enforcement Actions: Administrative

Feb 16

Order No. REG23-CAF-01

In the Matter of the Dealer Registration of Penrod Financial Services, Inc.: Reprimanded and Fined

Jan 20

Order No. IC23-SUS-01

In the Matter of the Investment Adviser Representative Registration of Clifton Wayne Myers: Suspension

Nov 29

Notice of Hearing filed against Sam Bankman-Fried

The Notice of Hearing was filed at the State Office of Administrative Hearings. For inquiries contact Joe Rotunda, Director of Enforcement, by email at or by telephone at 512-305-8392.

Enforcement Actions: Criminal & Civil

Oct 29

Former Registered Securities Professional Entered a Plea to Securities Fraud and other Crimes

On October 29, 2021, Derrick R. Trussell (CRD No. 5197550) entered a plea of no contest to securities fraud, securing execution of a document by deception and misapplication of fiduciary property in Cause No. 2019-CR-5767B, in the 175th Judicial District Court of Bexar County, Texas. Trussell was...
Oct 28

Warning to Victims of Rare Earth Exploration LLC, Bradley Sherman Haycraft and Timothy Taylor

The Texas State Securities Board is warning investors in Rare Earth Exploration LLC about a fake financial settlement scam involving the Gordon Black & Associates Law Firm and International Corporate Entity Inc. Scammers claiming to be employees of Gordon Black & Associates are contacting investors...
Oct 15

Larry Steve Bassett - Indicted

On October 15, 2021, a grand jury sitting in Lee County, Texas, indicted Larry Steve Bassett for first-degree securities fraud, theft and money laundering. The charges relate to his alleged unlawful sale of investments in a trading program to 15 victims for approximately $1.5M. Bassett is accused of...


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