Feb 15

Austin Crypto-Investing Firm Signs Compliance Order

The chief executive officer of an Austin-area cryptocurrency investment firm has agreed to stop offering for sale any security in Texas until the firm complies with state registration requirements.

Texas Securities Commissioner Travis J. Iles on Feb. 15 entered an Order in which Daniel...

Feb 14

Do You Know the 'Core Four' of Investing?

Learning about investing starts with the Core Four.

Core what?

Hey, good question.

The answer is found in four new printable PDFs from the Texas State Securities Board. They explain the core principles of smart investing, whether you invest on your own or want to hire a...

Feb 12

Dallas Promoters Ordered to Stop $4M Oil and Gas Offering

Texas Securities Commissioner Travis J. Iles on Feb. 9 entered an Emergency Cease and Desist Order against two Dallas men who are soliciting $4.4 million for an oil and gas project without disclosing their history of unpaid tax liens and allegations of fraud.

The order names Jason A....

Feb 3

DavorCoin Latest Cryptocurrency Platform Hit With Order

Texas Securities Commissioner Travis J. Iles on Feb. 2 entered an Emergency Cease and Desist Order against DavorCoin , an entity offering investments in a cryptocurrency lending program in Texas.

The emergency order found that DavorCoin is telling investors they can earn lucrative...

Jan 31

Enforcement in 2017: From Oil-Drilling to Crypto-Mining

In 2017, the Texas State Securities Board took enforcement actions in cases ranging from millions of dollars in oil-and-gas fraud to an emergency order that led a cryptocurrency promoter to shutter its sales operations in North America.

In criminal actions, the State Securities Board...

Jan 30

Beaumont Adviser Suspended for Charging High Fees

Texas Securities Commissioner Travis J. Iles entered a Disciplinary Order on Jan. 30 that suspended Jason N. Anderson , a Beaumont investment adviser representative, for charging unreasonable fees to clients.

The order suspended Anderson for 90 days. It also granted the registration...

Jan 24

Emergency Order Entered Against Cryptocurrency Firm

Texas Securities Commissioner Travis J. Iles entered an Emergency Cease and Desist Order Jan. 24 against R2B Coin , a Hong Kong-based company selling investments tied to a cryptocurrency called r2b coin, promising investors that the digital currency will soon be one of the world’s most valuable...

Jan 9

Order the 2018 Texas Investor Guide

It's here: the 2018 edition of the Texas Investor Guide: Strategies for Investing Wisely and Avoiding Financial Fraud .

As always, the new Investor Guide is fully updated to provide you with the latest information for smart and safe investing.

The 2018 edition includes new...

Jan 4

$4 Billion Crypto-Promoter Ordered to Halt Fraudulent Sales

The Texas Securities Commissioner has entered an Emergency Cease and Desist Order to halt the multiple investment programs operated by BitConnect, an overseas company that claims a market share of $4.1 billion for its cryptocurrency coins.

BitConnect is soliciting investors for...

Jan 3

Investment Adviser Revoked for Refusing to Turn Over Emails

Texas Securities Commissioner Travis J. Iles last week revoked the investment adviser registration of Irving-based Jackson Financial Services after its president, David Jackson , repeatedly refused to turn over emails regarding his solicitation of clients.

The Disciplinary Order, entered...

Dec 31

Administrative Action Report Oct.-Dec. 2017

The following is the quarterly report of administrative actions taken by the State Securities Board from Oct. 1 through Dec. 31, 2017.

Jackson Financial Services: Revoked

Texas Securities Commissioner Travis J. Iles revoked the investment adviser registration of Irving-based Jackson...

Dec 20

Bitcoin Promoter USI-Tech Hit With Emergency Order

Texas Securities Commissioner Travis J. Iles entered an Emergency Cease and Desist Order Dec. 20 against USI-Tech Limited, an overseas firm that is promising low-risk, triple-digit returns from investments tied to Bitcoin mining.

The enforcement staff of the State Securities Board...

Dec 7

North Texas Adviser Fined for Not Disclosing $192,000 in Tax Liens

Richard L. Havard , a registered investment adviser representative in the North Dallas suburb of Prosper, has been fined $7,500 and reprimanded for failing to disclose $192,573 in IRS tax liens.

Texas Securities Commissioner Travis J. Iles imposed the sanctions in a Disciplinary Order...

Dec 5

Firms Urged to Use New Reporting Form for Suspected Financial Exploitation

The Texas State Securities Board has developed a form to help financial firms report critical information about the suspected financial exploitation of vulnerable adults.

Reporting this type of suspected financial exploitation is required under Section 45 of the Texas Securities Act ....

Dec 4

Austin Real Estate Swindler Sentenced to 15 Years

James Elton “Jim” Warr of Austin, who promised guaranteed returns from investing in real estate, was sentenced to 15 years in state prison on Dec. 1 after his conviction in Travis County on four first-degree felony counts.

Warr, 69, stole $1.1 million from individuals who bought...

Nov 29

Top 10 Investor Threats (In Time for the Holidays)

We don’t mean to add to the stress of this long holiday season, but there is another kind of stress that makes decisions about holiday decorations look like a walk in the park.

It’s financial stress, and making ill-advised investment decisions is a leading cause. Sometimes it’s buying...

Nov 15

Clinton Edgar Named Deputy Securities Commissioner

The Texas State Securities Board on Nov. 14 approved the appointment of Clinton Edgar as Deputy Securities Commissioner.

Edgar joined the State Securities Board in 2010. He has served as a staff attorney in the Inspections and Compliance Division and in 2016 he became the Director of the...

Nov 2

Houston Adviser Who Preyed on Elderly Sentenced to 5 Years

Lawrence Allen DeShetler , an investment adviser in The Woodlands, convinced five clients – two of whom were in their 80s – to cash out legitimate investments and transfer the money to him so he could get them higher returns.

DeShetler instead deposited the money into bank accounts...

Oct 24

Houston-Area Adviser Suspended 90 Days, Firm Fined $15,000

Texas Securities Commissioner Travis J. Iles on Oct. 23 entered a Disciplinary Order that suspended investment adviser John Michael McDonough for 90 days and fined 212 Advisory Group LLC $15,000 for violating a previous agreement regarding securities regulations.

The Securities...

Oct 3

Judge Orders $29M in Restitution in Oil and Gas Fraud Case

U.S. District Judge Lee Yeakel on Oct. 2 ordered Austin attorney Robert Allen Helms and his business partner, Janniece S. Kaelin , to pay $29 million in restitution to investors in the pair's oil-and-gas royalties scam.

Yeakel previously sentenced Helms and Kaelin to 78 months in federal...

Oct 2

The Wide World of Investing

Federal and state securities regulators, including the Texas State Securities Board, are issuing this Investor Bulletin to highlight the key messages of World Investor Week , a week-long, global campaign promoted by the International Organization of Securities Commissions to raise awareness...

Sep 30

Administrative Action Report: July-Sept. 2017

The following is the quarterly report of administrative actions and orders taken by the State Securities Board from July 1 through Sept. 30, 2017.

Michael Keith Parish: Suspended, Fined

Michael Keith Parish , a San Antonio investment adviser, was suspended for 30 days and fined $5,000...

Sep 26

State Regulators Taking More Actions Against Registered Firms

The North American Securities Administrators Association (NASAA) reported Sept. 26 that state securities regulators took more enforcement actions against registered members of the securities industry than non-registered individuals or firms, continuing a trend that began last year.


Sep 6

'Unicorn' to Pay $1.2M in Restitution to Corpus Christi Woman

The Unicorn is paying the price for his financial crimes.

Nicholas Baratoff Jr. , a resident of the coastal village of Sea Cliff, N.Y., near New York City, paid $360,000 in restitution on Sept. 6 to an elderly Corpus Christi woman who invested in projects that were supposedly operated...