The following are summaries of administrative actions and orders taken from Jan. 1 through March 31, 2017.
Robert Yrshus: Suspended, Fined
Texas Securities Commissioner John Morgan suspended the investment adviser representative registration of Robert Yrshus of Houston for 60 days and fined Yrshus $5,000 for failing to disclose multiple IRS tax liens. The Disciplinary Order against Yrshus, entered Feb. 13, also granted the registration of Yrshus as a representative of Network 1 Financial Advisors Inc.
Yrshus violated State Securities Board rules by not disclosing the liens to the Securities Commissioner.
BP Financial & Tax Design Group and Brett Pittsenbargar: Agreed Order Setting Aside Emergency Cease and Desist Order
Texas Securities Commissioner John Morgan entered an Agreed Order on Jan. 5 setting aside a previous order that alleged the unregistered sale of securities by a number of entities.
BP Financial & Tax Design Group of Austin and its founder, Brett Pittsenbargar, were among the firms and individuals who had offered for sale investments in a "First Position Commercial Note Program" issued by Woodbridge Mortgage Investment Fund 3 LLC. Woodbridge lists offices in Sherman Oaks, Calif., and Boca Raton, Fla.
BP Financial and Pittsenbargar, neither of which is registered as dealers or agents in Texas, were ordered to stop offering securities in Texas by making misleading and deceptive statements to the public.
The agreed order requires BP Financial and Pittsenbargar to stop offering for sale any security in Texas until they are registered with the Securities Commissioner.