News Releases

Apr 30
2021

Always Look Before You Leap: Securities Commissioner Warns Investors About Deceptive Firm Names

Securities Commissioner Travis J. Iles is warning the public about sham investment firms using deceptive and misleading names to recruit new victims. Their names may be the same as or similar to the names of well-known, licensed or established firms. They adopt these names to confuse investors...

Apr 30
2021

Securities Commissioner Accuses Crypto Investment Platform of Covid-19 Securities Fraud

Securities Commissioner Travis J. Iles announces the entry of an emergency cease and desist order against EscoCapital, an online cryptocurrency investment firm accused of illegally targeting persons adversely impacted by COVID-19.

According to the order, EscoCapital and Anthony Jerome...

Apr 28
2021

Avoid These “Investment Plans” When Planning Your Investments

The Texas State Securities Board is warning investors about unregistered online platforms defrauding the public through the sale of so-called “investment plans.” These investment plans often sound appealing – they tend to be tied to blockchain technology, artificial intelligence or foreign...

Apr 16
2021

Securities Commissioner Issues Order Stopping Fraudulent Cryptocurrency Trading Program

Securities Commissioner Travis J. Iles entered an emergency cease and desist order to stop offers of a fraudulent cryptocurrency trading program in Texas. The action names Bitles Limited and Janis Lacis, its principal, and C3 Data Services and Edward Carter, its principal. Bitles and Lacis are...

Apr 15
2021

Dennis Keith Sanders: Guilty Pleas

On February 24, 2021, Dennis Keith Sanders, from Brenham, Texas, pleaded guilty to first degree securities fraud , theft , and money laundering . He was ordered to serve ten years of deferred adjudication community supervision, conditioned on his payment of more than $400,000 in restitution. The...

Apr 1
2021

Firm Agrees to a Refund and Fine for Unreasonable Supervisory System

Independent Financial Group, LLC, as part of a Consent Order that Texas Securities Commissioner, Travis J. Iles entered on April 1, 2021, agreed to refund $276,398.42 to the customers of a former Texas-based representative who implemented a high-risk trading strategy in leveraged exchange-traded...

Mar 18
2021

Commissioner Stops Illegal, Fraudulent and “Dirty” Securities Offering

Securities Commissioner Travis J. Iles entered an emergency cease and desist order against Larry Scott Rogers, from Montgomery and Conroe, Texas. The order accuses him of illegally and fraudulently offering securities to Texans.

The order also names D&S Recruiting DBA Legacy Leads, a...

Mar 17
2021

Securities Commissioner Stops Another Online Forex and Cryptocurrency Scam

Securities Commissioner Travis J. Iles entered an emergency cease and desist order against DailyForex247, an online investment platform, and Ghulam Wardag, its senior account manager. The order accuses the parties of perpetrating an online scam tied to forex trading and cryptocurrency mining....

Mar 15
2021

Commissioner Issues Two Orders Stopping Three Online Investment Scams

Securities Commissioner Travis J. Iles entered a pair of emergency cease and desist orders targeting three unregistered online cryptocurrency and alternative asset investment platforms. The actions stop illegal so-called get-rich-quick schemes fraudulently touting the payment of significant...

Mar 15
2021

Attention Investors – Metals.com, Tower Equity, Chase Metals, and Barrick Capital Receivership Claim Deadline April 30, 2021

A publication of the Texas State Securities Board

March 15, 2021 The State of Texas and other state securities regulators and enforcement agencies, along with the Commodity Futures Trading Commission, recently filed a joint civil enforcement action against Metals.com, Tower Equity,...

Dec 21
2020

Texas Stops Fraudulent “Amazon Store” E-Commerce Partnership Scheme

Securities Commissioner Travis J. Iles filed an emergency action to stop a fraudulent investment scheme tied to an online liquidation business based in Austin.

The order accuses Christopher Koozekanani of illegally marketing “secured” partnership interests issued by Prime Liquidators –...

Dec 2
2020

No Reasonable Basis. No Registration. Commissioner Denies Adviser’s Registration Due to Unsuitable Trading in leveraged ETFs

Lyle Boudreaux of Houston, Texas consented to the denial of his registration as an investment adviser and agent with the Securities Commissioner. The denial is part of a consent order that Texas Securities Commissioner, Travis J. Iles, entered on December 1, 2020.

From February 2016...

Nov 24
2020

Texas Stops Far-Reaching Online Forex Trading Scheme

Securities Commissioner Travis J. Iles entered an Emergency Cease and Desist Order to stop an aggressive online forex scheme from defrauding the public.

The order found Ameral and TradeGo Forex Exchange have published more than 250 advertisements in craigslist, a popular online...

Nov 24
2020

Commissioner Stops Fraudulent Scheme Promoted to Reddit Users

Securities Commissioner Travis J. Iles entered an Emergency Cease and Desist Order to stop a fraudulent scheme promoted through Reddit, a popular social media platform. Reddit permits users to share links, text posts, and images, and to correspond through private messages. It is one of the most...

Nov 20
2020

Commissioner Stops Local Firm from Fraudulently Marketing Forex Investments, Making False Claims of Registration and Legitimacy

Securities Commissioner Travis J. Iles entered an Emergency Cease and Desist Order to stop a newly incorporated local firm from fraudulently soliciting investments in managed forex accounts.

The order names KP Financials, LLC, from Austin, Texas. The firm was incorporated in June 2020,...

Nov 19
2020

Commissioner Announces Series of Sweeping Actions Against Fifteen Online Crypto, Forex and Binary Options Investment Scammers

Securities Commissioner Travis J. Iles announced a series of enforcement actions against fifteen fraudulent online investment scammers.

The first emergency cease and desist order names ten internet investment platforms and links one individual - James Blundell - to the scheme to broadly...

Nov 12
2020

As Sly Would Say, “It’s a Family Affair” - Oilman Sentenced to 121 Months in Federal Prison, Commissioner Brings New Action to Stop Family from Continuing Fraud

On November 10, Brian Keith Alfaro, from San Antonio, was sentenced to serve 121 months in federal prison. The sentence follows a jury finding him guilty of seven counts of mail fraud in connection with defrauding investors in an oil and gas investment scheme. The evidence showed Brian Alfaro...

Oct 22
2020

Texas Stops Nationwide Telemarketing Fine Wine Brokerage Scheme

(October 22, 2020) Securities Commissioner Travis J. Iles entered an Emergency Cease and Desist Order to shut down an illegal bait-and-switch scheme involving fine wines. The order names Charles Winn, LLC, a UK firm falsely claiming to be in the United States, and seven sales...

Oct 16
2020

Pay [Back] Day: Commissioner Suspends San Antonio Investment Adviser for Unregistered & Unsuitable Sales & Orders $2.75 Million Back to Texas Investors

Brooklynn Chandler Willy of San Antonio, Texas, agreed to a one-year suspension of her license as an investment adviser representative with the Securities Commissioner and to pay back $2.75 million of commissions she received for the sale of alternative investments. The suspension and return of...

Oct 2
2020

State Securities Regulators Release Annual Enforcement Report

On September 23, the North American Securities Administrators Association (NASAA) released its annual enforcement report, which shows increasing numbers of investigations and enforcement actions taken by state securities regulators to protect investors and maintain the integrity of the nation’s...

Oct 1
2020

No Procedures, No Trading: Commissioner Suspends Investment Adviser & Its Representative for not having Procedures to Prevent Trading Inequities

John Stuart, the sole owner and investment adviser representative of Ironwood Wealth Management, LLC agreed to a three-month suspension of his and his firm’s license with the Securities Commissioner. The suspension is part of a disciplinary order that Texas Securities Commissioner, Travis J....

Sep 30
2020

Convicted Burglar Exposed – Texas and Washington Stop Criminal Promoting Fraudulent Cryptocurrency Software Scam

Texas Securities Commissioner Travis J. Iles entered an Emergency Cease and Desist Order against Devon Tyler Shigaki, a resident of the State of Washington. Shigaki controls TradeMining, Inc., and they are accused of illegally soliciting Texas residents to purchase a fraudulent investment tied...

Sep 25
2020

Don’t Mess with Texas, She Has A Lot of Friends – The CFTC, Texas, and 29 Other States Join Forces to Stop $185 Million Precious Metals IRA and Bullion Coin Scheme Targeting Seniors

Texas Attorney General Ken Paxton and the Texas State Securities Board joined the Commodity Futures Trading Commission (CFTC) and 29 other states in a complaint , filed in the Northern District of Texas, against TMTE Inc. aka Metals.com, Chase Metals Inc., Chase Metals LLC, Barrick Capital Inc...

Sep 9
2020

Small Town, Big Problem: Commissioner Revokes Investment Adviser Representative from Mt. Enterprise, Texas

Kim Diane Butler, of Mt. Enterprise Texas, agreed to the revocation of her license as an investment adviser representative with the Securities Commissioner. The revocation is part of a disciplinary order that Texas Securities Commissioner, Travis J. Iles entered on September 9, 2020.

...

Sep 3
2020

Don’t Respond to the Birdsong: Securities Commissioner Takes Action to Stop Forex Birds, Others Accused of Fraudulent Securities Offerings

Securities Commissioner Travis J. Iles entered an Emergency Cease and Desist Order against Forex Birds, LTD and PEK Universe for fraudulently offering online investments tied to forex and cryptocurrencies. The action also named Kumar Babu Bondesi and Darwin Eric Balusek – the who uses the...

You are here

News Releases

Pages