2015
Kenneth Wayne Graves, a former investment adviser representative in Corpus Christi whose license to sell securities was revoked last year by the Texas Securities Commissioner, was arrested June 15 after having been indicted in Nueces County on fraud and other charges.
The indictment alleges that Graves defrauded six clients of his firm, Warren Financial Services LLC, through the sale of $420,720 in investment contracts based on his firm's gross income.
In a separate scheme, Graves allegedly misapplied $128,918 in unreasonable fees he charged clients of his firm.
The Securities Commissioner's order revoking the registrations of Graves and Warren Financial found that Graves made unauthorized withdrawal of client funds, recommended unsuitable investments, and failed to pay clients their promised return on investment.