2006
On July 26, 2006, an Information and Waiver of Indictment were entered against Charles Dwain Davis of Dallas, Texas, in the US District Court, Northern District, Dallas, Texas Division, Cause No. 03-06:CR-240-D. The Information charged Davis with one count of securities fraud. Davis pled guilty to the charge and admitted that while working as a registered securities salesman, he opened bank accounts with names similar to his employing brokerage firms, misappropriated clients' investments for his personal benefit by depositing their monies into these accounts, manufactured and provided customers with fictitious account statements, and made payments from these accounts to his clients as part of a ponzi scheme. Sentencing is scheduled for November 17, 2006.