U.S. District Judge Lee Yeakel on Feb. 13 sentenced Charles McAllister, the CEO of Austin-based Bullion Direct Inc., to 10 years in prison and ordered him to pay $16.1 million dollars in restitution to 5,800 victims of his scheme. A jury in U.S. District Court in Austin convicted McAllister on Oct...

In 2019, the Texas State Securities Board took enforcement actions that resulted in the repayment of $2.58 million to investors and $575,000 in fines paid to the State of Texas. The funds returned to investors came through administrative orders, a civil court forfeiture order, and rescission offers...

Tin and aluminum are traditional for a 10th anniversary, but we got you a book: The 10th anniversary edition of the Texas Investor Guide: Strategies for Investing Wisely and Avoiding Financial Fraud. As always, it is free upon request, and you can obtain copies by providing a mailing address to txig...

James A. Reid of Cedar Park, a former stockbroker, was sentenced to six years deferred adjudication and ordered to pay $93,500 in restitution to investors in his company's short-term investments fund. Reid was sentenced Jan. 16 in the 331st District Court of Travis County. He paid $75,000 of his...

Certain types of investments—and investment promoters—should always get your common sense tingling. Recognizing fraudulent and inappropriate investments is one part of the equation for safe investing. Knowing what to do — the questions to ask, the steps to take — is the second. As you wade into the...

Texas Securities Commissioner Travis J. Iles took emergency action Dec. 30 to stop an unregistered Sugar Land investment promoter from offering guaranteed returns through the trading of foreign currencies. According to the Emergency Cease and Desist Order, Onoriode Ikimi, who also goes by Steve...

The following are summaries of administrative enforcement actions the Texas State Securities Board took from Oct. 1 through Dec. 31, 2019. Timeless Protect and Associated Companies: Emergency Cease and Desist Orders Texas Securities Commissioner Travis J. Iles entered three emergency orders on Nov...

Nathaniel Anthony Brooks Jr. , who pleaded guilty to a fraudulent commodity trading scheme, was sentenced to one year and one day in federal prison in U.S. District Court in Austin on Dec. 20. Brooks pleaded guilty in October to a charge of monetary transaction in criminally derived property. Brooks...