Enforcement Actions Criminal Civil

Jul 22
2011

Russell E. Mackert, Brent Oncale, David White, Eric M. Kurz, and Tomme Bromseth: Sentenced

Five executives and salesmen who worked for A&O Resource Management Ltd. , a Houston-based life settlement company, were sentenced to federal prison terms on July 22. A&O stole at least $100 million from approximately 800 investors, many of them elderly. Investors thought they were buying life...
Jul 22
2011

Michael Rouse: Sentenced, 17 1/2 Years

Michael Rouse of Wellington, Fla., was sentenced to 17.5 years in federal prison on July 22 for his part in a fraud that raised at least $2 million for a phony real estate investment trust. Rouse co-founded Golden Gate Real Estate Investment Trust and promised investors safe returns of about 15% a...
Jun 29
2011

Robbie Dale Walker: Arrested

Robbie Dale Walker of Dripping Springs was arrested June 29 on a charge of theft following an investigation by the Hays County Sheriff's Office, the Texas State Securities Board and the Secret Service. Walker allegedly promised a 93-year-old Hays County woman that she would earn 15% annual returns...
Jun 20
2011

William June Fletcher Jr.: Sentenced, 25 Years

William June Fletcher Jr. of Plano was sentenced to 25 years in state prison on June 20 for stealing money from investors in his oil and gas scheme. The sentence in Collin County state district court resulted from Fletcher's convictions on charges of theft and securities fraud. Fletcher raised...
Jun 9
2011

Karen P. Bowie: Indicted

Karen P. Bowie of Dallas was indicted June 9 in Collin County for her alleged role in the fraud perpetrated by Titan Wealth Management LLC of Plano. Titan Wealth principal Thomas Lester Irby II is serving a 24-year state prison sentence after being convicted of money laundering. Irby's fraud...
Jun 8
2011

Kevin Dennis Hays: Deferred Adjudication

Kevin Dennis Hays of Euless on June 8 pleaded guilty to selling unregistered securities in connection with an investment scheme perpetrated by Mack Diamond Energy LLC of Hunt County. The 196th state District Court in Hunt County placed Hays on community supervision for one year and deferred...
May 26
2011

Reginald Lee Clark: Sentenced, 25 Years

Reginald Lee "Reggie"Clark of Woodway was sentenced to 25 years in state prison on May 26 after a Limestone County jury convicted him on a charge of theft. Clark stole more than $400,000 from clients of his business, Clark Investment Advisors, which operated in Limestone County and surrounding areas...
May 24
2011

Ray M. White: Sentenced, 10 Years

Ray M. White was sentenced to 10 years in federal prison on May 24 and ordered to pay $9.4 million in restitution. White, a North Texas resident, had pleaded guilty to one count of commodities fraud in U.S. District Court for the Northern District of Texas. According to the Stipulated Facts in the...
Apr 25
2011

Chad Michael Hays: Sentenced, 25 Years

Chad Michael Hays was sentenced to 25 years in state prison on April 25 after being convicted on one count of securities fraud, eight counts of the sale of unregistered securities, and eight counts of sale of securities by an unregistered dealer or agent. Hays was convicted in the 196th District...
Apr 7
2011

Patricia Ann Noble: Deferred Adjudication, Restitution

Patricia Ann Noble on April 7 pleaded guilty to securities fraud for lying about the purchase of stock and stock options for investors in her firm, Noble Funds Asset Management of Denton. The 362nd state District Court in Denton County deferred adjudication of Noble's guilt and ordered her to repay...