News Releases

Michael Delao was suspended for 90 days and assessed an administrative fine of $5,000 for failing to report a felony charge to the Securities Commissioner within thirty days of its occurrence, in violation of an agency Board Rule. This was the second disciplinary action taken by the Securities...

August 2, 2023 – The Texas State Securities Board (TSSB) announces investors who purchased retail precious metals from Lear Capital will receive compensation as a part of Lear’s bankruptcy plan. State securities regulators had been investigating Lear for deceptive securities and commodities...

STATE ACTIONS ALLEGE FIRMS WERE INSOLVENT OR WERE NEARLY INSOLVENT BY MARCH 31, 2023 On June 15, 2023, the Texas State Securities Board filed enforcement actions against various companies collectively known as Abra and William John “Bill” Barhydt, the founder and CEO of Abra. The enforcement actions...

Securities Commissioner Travis J. Iles entered an Emergency Cease and Desist Order to stop an investment scheme purportedly powered by artificial intelligence and endorsed by Elon Musk. The Texas State Securities Board led a group of regulators that include the Alabama Securities Commission, the...

On April 17, 2023, the Texas State Securities Board entered a final order against Nexo Capital Inc. (“Nexo”). Nexo was organized as a Cayman Islands corporation and dealt in interest-bearing digital asset accounts. Clients invested in the accounts by lending digital assets to Nexo, and Nexo afforded...

The Texas State Securities Board announced today that it has joined a multi-state settlement with Robinhood Financial LLC, which will pay up to $10.2 million in penalties for operational and technical failures that harmed main street investors. The settlement stems from an investigation spearheaded...

Earlier today, the Texas State Securities Board joined the Alabama Securities Commission and the Montana Securities Commission in filing enforcement actions to stop a fraudulent artificial intelligence investment scheme. The actions accuse YieldTrust.ai and Stefan Ciopraga of illegally soliciting...

The Texas State Securities Board is warning against an advance fee fraud and imposter scheme perpetrated by parties pretending to be the Texas State Securities Board. The scam is targeting victims of cryptocurrency fraud residing in Mongolia, falsely claiming the agency will compensate them for...

The Texas State Securities Board joined other state securities regulators and the U.S. Securities Exchange Commission (SEC) in jointly announcing a settlement in principle with Nexo Capital, Inc. (Nexo). The settlement requires Nexo to pay a total of approximately $22.5 million in fines to state...

Securities Commissioner Travis J. Iles filed an emergency cease and desist order that accused Adrian Lamont Gunn, a resident of Lubbock, from perpetrating an illegal securities scheme. According to the order, Gunn is a convicted white-collar criminal. Before perpetrating his recent scheme, Gunn...