Jun 3
2020

Convicted Thief Wants You to Flee the Market, Invest in his Flea Market

Texas Securities Commissioner Travis J. Iles entered an Emergency Cease and Desist Order against Paul Leslie Depew and How Bazzar, LLC, to stop their fraudulent sale of investments to fund a flea market in Dallas, Texas.

Depew, a DFW resident, is allegedly advertising the interests in...

May 27
2020

Conroe Adviser Sanctioned for Not Fully Disclosing Risks in Market-Linked CDs

Texas Securities Commissioner Travis J. Iles reprimanded Michael C. De Pippo of Conroe after finding that De Pippo violated his firm’s procedures by failing to fully inform clients about the risks of certificates of deposit whose returns depend on the performance of certain stocks or market...

May 15
2020

Order Seeks to Lower Curtain on Nick Steele & TheCryptoFacts

The alleged cryptocurrency trading scheme perpetrated by Nickolas Steele, aided by his CryptoFacts Facebook page, should be shut down as an immediate danger to Texas residents, according to an Emergency Cease and Desist Order entered May 15.

The State Securities Board order targets a...

May 14
2020

Dallas Adviser Lorintine Fined $10,000 for Charging Performance-Based Fees

Lorintine Capital LP, a Dallas investment adviser, was fined $10,000 for charging performance-based fees to clients whose net worth wasn’t high enough for them to be charged the fees.

Lorintine Capital was also reprimanded as part of a Disciplinary Orde r entered by Texas Securities...

May 1
2020

COVID-19 News and Updates

Texas State Securities Board news, investor alerts, and operational updates related to the pandemic are available on our COVID-19 News & Updates page.

COVID-19 News & Updates will be reguarly updated and includes:

News releases on enforcement actions and other measures being...
Apr 28
2020

State Regulators Form COVID-19 Investment Fraud Task Force

The national association for state securities regulators on April 28 announced the formation of the COVID-19 Enforcement Task Force to identify and stop potential threats to investors stemming from the COVID-19 pandemic.

The task force will work with the U.S. state and Canadian...

Apr 24
2020

Accept No Substitutes: There's Only One Texas State Securities Regulator

UPDATE: U.S. District Judge Lee Yeakel on May 7 granted the federal government’s application for a preliminary injunction in the case.

U.S. District Judge Lee Yeakel on April 23 issued a temporary restraining order to shut down the website of an entity that is allegedly pretending to be an...

Apr 17
2020

Order: 'Profit Off Coronavirus' Investment Pitch Is Toxic

Texas Securities Commissioner Travis J. Iles on April 17 entered an emergency action to stop a supposed foreign currency trader from soliciting Texas residents with the claim they can “profit off the coronavirus with forex.”

According to the Emergency Cease and Desist Order , Georgia...

Apr 16
2020

$20 Barrel Oil? West Texas Oilman Promises Profits Even Then

The sharp decline in oil prices has sent the worldwide energy market into a tailspin. But according to a Texas State Securities Board emergency action, West Texas oilman Kenneth Wayne Wooldridge is telling investors he can earn profits at almost any price.

According to an Emergency...

Apr 8
2020

Cryptocurrency Miner Features Fraudulent COVID-19 Charity Sales Pitch

A cryptocurrency mining company is promising to double investors’ money in one year while also claiming to contribute money to UNICEF to “fight COVID-19,” according to an emergency action the Texas State Securities Board took April 8.

According to the Emergency Cease and Desist Order...

Apr 3
2020

Forex Trader Touts 'Recession-Proof'Haven in Markets Roiled By COVID-19

Texas Securities Commissioner Travis J. Iles took emergency action on April 3 to stop the offering of a purported foreign currency trader promising a “safe haven” investment in a time when world markets are roiled by the COVID-19 pandemic.

According to the Emergency Cease and Desist...

Apr 2
2020

LendingClub Fined $400,000 for Unregistered Sales in Texas

LendingClub Corp. , a national online lending marketplace, has been fined $400,000 for the unregistered sales of loans during an almost five-year period.

Texas Securities Commissioner Travis J. Iles April 1 entered a Consent Order that reprimanded and fined LendingClub while also...

Mar 31
2020

Administrative Actions Report Jan-Mar 2020

The following are summaries of administrative enforcement actions the Texas State Securities Board took from Jan. 1 through March 31, 2020.

Next Financial Group: Fine, Refunds

Next Financial Group Inc. of Houston agreed to refund $500,000 to customers of a former Texas agent who for...

Mar 26
2020

Investor Alert: Protecting Your Financial Health in the Pandemic Era

The COVID-19 pandemic has roiled securities markets in ways we have never experienced and is making financial decisions vastly more difficult than usual.

We want to assure Texans that our primary focus remains on the protection of retail investors, and we are actively taking steps to...

Mar 23
2020

Investing In the Unknown

Amid the growing COVID-19 pandemic and careening markets in everything from stocks and bonds to oil, it can seem impossible to focus on the long view in investing. Impossible, even, to focus on anything but the next hour or next day.

We don't know the future of the markets any more than...

Feb 20
2020

Austin Insurance Agent Indicted for Alleged $9 Million Fraud on Elderly

Brett Pittsenbargar, an Austin insurance agent who allegedly sold $9.3 million in fraudulent investments, was arrested Feb. 19 to face first-degree felony charges of securities fraud , money laundering , and theft .

A Travis County grand jury's Feb. 4 indictment of Pittsenbargar was...

Feb 13
2020

Next Financial to Refund $500,000 to Customers, Pay $100,000 Fine

Next Financial Group Inc. of Houston agreed to refund $500,000 to customers of a former Texas agent who for five years moved clients in and out of high-cost mutual funds to generate commissions.

Next Financial Group also paid a $100,000 fine to the State of Texas for failing to properly...

Pages