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 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...

Jan 21
2020

Tin Is Traditional For 10th Anniversary. We Got You Something Better.

Tin and aluminum are traditional for a 10th anniversary, but we got you a book: The 10th anniversary edition of the Texas Investor Guide: Strategies for Investing Wisely and Avoiding Financial Fraud .

As always, it is free upon request, and you can obtain copies by providing a mailing...

Jan 14
2020

Top Threats to Investors in 2020 — And How to Avoid Them

Certain types of investments—and investment promoters—should always get your common sense tingling.

Recognizing fraudulent and inappropriate investments is one part of the equation for safe investing. Knowing what to do — the questions to ask, the steps to take — is the second. As you...

Dec 31
2019

Order: Unregistered Sugar Land Promoter Offering Guaranteed Forex Returns

Texas Securities Commissioner Travis J. Iles took emergency action Dec. 30 to stop an unregistered Sugar Land investment promoter from offering guaranteed returns through the trading of foreign currencies.

According to the Emergency Cease and Desist Order , Onoriode Ikimi , who also goes...

Dec 31
2019

Administrative Actions Report Oct-Dec 2019

The following are summaries of administrative enforcement actions the Texas State Securities Board took from Oct. 1 through Dec. 31, 2019.

Timeless Protect and Associated Companies: Emergency Cease and Desist Orders

Texas Securities Commissioner Travis J. Iles entered three emergency...

Dec 18
2019

Sift Through Holiday Mail. Find Brokerage Statement. Read It.

This is an Investor Alert from the North American Securities Administrators Association , the Financial Industry Regulatory Authority , and the Securities Investor Protection Corp .: It Pays to Pay Attention to Your Brokerage Account Statement

How Often Should You Review Your Brokerage...
Dec 3
2019

Hearing Set on Alleged Fraud by Fort Worth Oilman

A hearing is scheduled for Jan. 22 at the State Office of Administrative Hearings regarding an emergency order alleging fraud by Michael E. Patman and Woodland Resources LLC in selling working interests in oil well-drilling projects.

Texas Securities Commissioner Travis J. Iles on July...

Nov 6
2019

Florida Firm Fined for Advising Texas Clients While Unregistered

A Florida investment adviser paid a $5,000 fine for doing work for Texas clients while not registered with the Texas Securities Commissioner.

The fine and a reprimand were part of the Disciplinary Order that Commissioner Travis J. Iles entered on Nov. 5. The commissioner also granted the...

Oct 14
2019

Austin Investment Adviser Revoked for Fraud

Texas Securities Commissioner Travis J. Iles revoked the registration of George A. “Gus” Marwieh , who fraudulently sold more than $5 million in pension-linked investments and real estate development notes to clients without disclosing his excessive commissions, misuse of client funds, and...

Oct 8
2019

Investor Alert: Private Oil and Gas Offerings

Oil and gas investments are highly speculative, complex in their financial structure, and full of jargon that’s nearly impossible for a layperson to understand. For investors whose primary goal is saving for retirement, oil and gas offerings can carry significant risks.

In the past four...

Sep 30
2019

Administrative Action Report July-Sept 2019

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

TMTE Inc. AKA Metals.com AKA Chase Metals LLC: Rescission Offer

Metals.com , a firm accused of convincing older Texans to liquidate securities held with...

Sep 25
2019

Texas Order: Oil and Gas Promoter Offers Repayment to Investors

Jason A. Gilbert , the CEO of a New York-based energy company who last year was ordered to stop an offering of unregistered investments in a multi-million-dollar oil and gas project, has made a full rescission offer to investors.

Texas Securities Commissioner Travis J. Iles last week...

Sep 16
2019

Texas, Kentucky Enter Orders to Stop Unregistered Oil and Gas Offerings

Texas and Kentucky securities regulators entered emergency orders on Sept. 16 to stop the offering of unregistered investments in an oil-drilling program in Southern Illinois that promises to produce oil wells with a minimum return of 100% within two years and monthly income for 20 years....

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