Jan 21

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

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

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

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

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

This is an Investor Alert from 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 Account...
Dec 3

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

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

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

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

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

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

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....

Sep 10

State Securities Regulators Release Annual Enforcement Report

The North American Securities Administrators Association (NASAA) on Sept. 10 released its annual enforcement report, which shows state securities regulators were responsible for more than $1 billion in monetary relief ordered as a result of state enforcement actions in 2018.

In its 2019...

Aug 12

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

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

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

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

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

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

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...