Aug 12
2019

Unregistered Agent Agrees to Cooperate in Investigation of Oil Investment

Jeremy “JB” Yowell , an unregistered investment promoter for Fort Worth-based Woodland Resources LLC , is cooperating with the Enforcement Division of the State Securities Board in its investigation of the company and its director of operations, longtime oilman Michael E. Patman .

...

Aug 7
2019

Emergency Order Cites Bitcoin, Forex Trader As Crypto Crackdown Continues

Texas Securities Commissioner Travis J. Iles on Aug. 6 entered the fourth emergency action against a cryptocurrency investment promoter since the State Securities Board started a second investigative sweep of suspect cryptocurrency offerings in late June.

According to the Emergency...

Aug 5
2019

Lubbock Adviser Fined $40,000 for Failure to Supervise Accounts

Lubbock investment adviser Lowell & Company Inc. paid a $40,000 fine to the State of Texas for failing to supervise a representative who nearly wiped out the assets in two client accounts by holding onto an exchange-traded fund designed for short-term trading.

Besides the fine, the...

Jul 16
2019

UPDATED: How Securities Laws Apply to Opportunity Zone Investments

Update: On July 22 the North American Securities Administrators Association issued an Investor Advisory on Opportunity Zone Investments.

The North American Securities Administrators Association (NASAA) and the Securities and Exchange Commission (SEC) have issued a summary that explains...

Jul 12
2019

Galveston Oilman Sentenced to 18 Years for Defrauding Investors

Daniel Christopher Walsh , a Galveston oilman who made money by keeping investor funds in his pockets – not in the ground, drilling wells –was sentenced to 18 years in state prison on July 12 after reaching a plea agreement in his fraud trial in Wichita County.

Walsh pleaded guilty to...

Jul 11
2019

Gusher of Debt: Texas Oilman Concealing Bankruptcies, Fraud, Sanctions

In soliciting Texans for investments in oil wells promising annualized returns of up to 70%, Michael E. Patman of Woodland Resources LLC is touting his decades of earning profits for investors through oil and gas drilling programs.

Patman’s public record, however, shows a gusher of debt...

Jul 10
2019

Clear Enough? Houston Adviser Fined for Violating Plain Language Rule

Grove Capital Management Inc . paid a $5,000 fine and has been ordered to improve its compliance procedures after failing for eight years to use a form designed to provide disclosures to clients in plain language.

Texas Securities Commissioner Travis J. Iles on July 9 entered a...

Jul 8
2019

State Securities Regulators to Hold Annual Meeting Sept. 8-10 in Austin

The North American Securities Administrators Association (NASAA), marking 100 years of protecting investors, will hold its annual meeting Sept. 8-10 in Austin.

Registration is now open for the meeting, which will bring together securities regulators from U.S. states, the District of...

Jun 30
2019

Administrative Action Report Apr-June 2019

The following are summaries of administrative actions the Texas State Securities Board took from April 1 through June 30, 2019:

FxBitGlobe: Emergency Cease and Desist Order

Texas Securities Commissioner Travis J. Iles entered an Emergency Cease and Desist Order on April 9 to stop...

Jun 28
2019

State Securities Board Starts Second Regulatory Sweep of Crypto Investments

Texas Securities Commissioner Travis J. Iles on June 28 entered three emergency cease and desist orders against promoters of fraudulent cryptocurrency-related investments who are soliciting Texas residents through Facebook “work from home” forums.

The orders stem from an initiative by...

Jun 18
2019

Investor Alert: The Perils of Pension Income Deals

A pension provides something extremely valuable to any retiree: Guaranteed income.

A pension pays a monthly annuity for the life of the pension holder. If you are a retiree receiving an annuity, or an active employee in a government or private pension plan, you know its value.

...

Jun 7
2019

One Dallas Adviser Suspended, A Second Ordered to Repay Commissions

Texas Securities Commissioner Travis J. Iles on June 6 sanctioned two Dallas-area investment adviser representatives for selling unsuitable investments to clients.

The Commissioner suspended investment adviser representative Mark A. Trewitt for 90 days for selling unsuitable investments...

May 16
2019

In A Self-Directed IRA, Make Sure You're Not Your Own Worst Enemy

View this Investor Alert, Self-Directed IRAs: More Choices, More Risk , in a print-ready format.

Investing for retirement usually means buying stocks, bonds, and mutual funds through a workplace retirement plan like a 401(k) or in your own Individual Retirement Account (IRA).

If you...

May 1
2019

Order: Elderly Dallas Woman Victim in Widespread Precious Metals Fraud

Texas Securities Commissioner Travis J. Iles entered an emergency action on May 1 against Metals.com, an unregistered firm accused of cold-calling elderly investors to convince them to liquidate their securities in registered firms and invest in precious metals.

According to the...

Apr 29
2019

Joe Reads 'Investing for Retirement.' Future Joe Says, 'Thanks, Man!'

As part of Financial Capability Month, the State Securities Board has updated its primer on Investing for Retirement .

A guy named Joe reads Investing for Retirement . Future Joe really appreciates it, because he has learned about the different ways a person can save for retirement,...

Apr 24
2019

Choosing a Financial Professional

As part of Financial Capability Month, the Texas State Securities Board has updated its primer on Choosing A Financial Professional .

At some point you may turn to a financial professional for help, particularly if you're trying to achieve different goals like planning for retirement,...

Apr 18
2019

Mind Your P's: Investment Pitches, People, and Products to Avoid

April is Financial Capability Month. This Investor Alert is based on the State Securities Board's updated report on Scams and Unsuitable Investments

Certain types of investments—even if they are legitimate—should always raise red flags. If an investment seems overly complicated,...

Apr 11
2019

LPL Pays $450,000 to Texas for Selling Unregistered Securities

LPL Financial LLC will pay a $450,000 fine to the State of Texas and repurchase certain securities it sold to investors, Texas Securities Commissioner Travis J. Iles announced April 11.

The Consent Order with Texas is part of national settlement between state securities regulators and...

Apr 10
2019

Order: Crypto and Forex Firm Trading Mostly in Falsehoods

Texas Securities Commissioner Travis J. Iles took emergency action April 9 to stop an international offering of cryptocurrency and foreign currency investments by a company using a phony address and falsely claiming it is registered as a broker-dealer and investment adviser.

The...

Apr 9
2019

Investor Advisory: Robo-Advisers

April is Financial Capability Month. The State Securities Board and the North American Securities Administrators Association are issuing this Alert to help investors better understand the emerging investment business of robo-advisers. View the Alert in a print-ready format.

Investors...

Mar 31
2019

Administrative Action Report Jan-Mar 2019

The following are summaries of administrative actions the Texas State Securities Board took from Jan. 1 through March 31, 2019:

Raymond Cui: Fine, Reprimand

Raymond Cui of Houston was reprimanded and fined $5,000 Feb. 19 for violating State Securities Board rules requiring the timely...

Mar 12
2019

Dallas Investment Promoter 'Doc' Gallagher Arrested In Alleged $19M Fraud

William Neil “Doc” Gallagher , who promotes his investment business on Christian radio and in books like “Jesus Christ, Money Master,” has been arrested to face first-degree state felony charges of securities fraud and money laundering in Dallas County.

In a related action, the U.S....

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