News Releases

The State Securities Board assisted in the prosecution of investment fraud cases in 2016 that resulted in prison sentences totaling 82 years and $17.9 million in orders of restitution for investors. In addition, investigations resulted in the indictment of 13 individuals in nine Texas counties and...

The following are summaries of administrative actions and orders taken from Oct. 1 through Dec. 30, 2016. Bruce Russell Clark: Reprimand, Fine Texas Securities Commissioner John Morgan entered a Disciplinary Order Dec. 30 that levied a $5,000 fine and reprimanded Bruce Russell Clark of Longview for...

The following are public documents in the State of Texas criminal case against Bobby Eugene Guess and the Texas State Securities Board's proceedings against Texas First Financial LLC; Bobby Eugene Guess; Mechanical Motion Solutions LLC; and related parties. Criminal Case Affidavit for Evidentiary...

Bobby Eugene Guess, who promoted himself as a financial maven through radio advertising and investment seminars in the Dallas-Fort Worth area, was arrested Dec. 19 following his indictment on charges related to the multi-million-dollar sale of investments in an Internet advertising company. A Collin...

Susan Gay Pruitt, who sold interests in phantom oil and gas exploration projects in Texas and three other states, was sentenced to 22 years in prison on Tuesday in Collin County State District Court. Pruitt pleaded guilty to theft and money laundering on Monday as her trial was about to start. Judge...

Texas Securities Commissioner John Morgan entered a Disciplinary Order on Oct. 14 that suspended Jens Pinkernell, an investment adviser representative, for five years. As part of the order, Pinkernell repaid $46,915 to two clients who were charged unauthorized and excessive fees by Pinkernell and J...

Old Security Financial Group Inc. of Spring was fined $100,000 for selling unregistered investments in a “mortgage note program” supposedly backed by commercial real estate. The fine, which will be paid to the General Fund of the State of Texas, was assessed against Old Security, its owner and...

The following are summaries of administrative actions and orders taken from July 1 through Sept. 30, 2016. Charles Schwab: Co. Inc.: Fine, Reprimand Charles Schwab & Co. Inc. was reprimanded and agreed to pay a $95,000 fine for failing to verify that certain individuals with powers of attorney in...

Charles Schwab & Co. Inc. was reprimanded and agreed to pay a $95,000 fine for failing to verify that certain individuals with powers of attorney in client accounts were required to be registered as investment advisers. The reprimand and fine are part of a Consent Order entered by Securities...

Texas Securities Commissioner John Morgan announced today that Travis J. Iles has been named Deputy Commissioner of the State Securities Board. Iles joined the State Securities Board in 2001 and for the past six years served as Assistant Director of the Enforcement Division. He also served as a...