Apr 18
2019

Mind Your P's: Investment Pitches, People, and Products to Avoid

This Investor Alert is based on the State Securities Board's updated report on Scams and Unsuitable Investments

Certain types of investments—even if they are legitimate—should always raise red flags. If an investment seems overly complicated, promises large returns with minimal risk, or...

Apr 11
2019

LPL Pays $450,000 to Texas for Selling Unregistered Securities

LPL Financial LLC will pay a $450,000 fine to the State of Texas and repurchase certain securities it sold to investors, Texas Securities Commissioner Travis J. Iles announced April 11.

The Consent Order with Texas is part of national settlement between state securities regulators and...

Apr 10
2019

Order: Crypto and Forex Firm Trading Mostly in Falsehoods

Texas Securities Commissioner Travis J. Iles took emergency action April 9 to stop an international offering of cryptocurrency and foreign currency investments by a company using a phony address and falsely claiming it is registered as a broker-dealer and investment adviser.

The...

Apr 9
2019

Investor Alert: Robo-Advisers

April is Financial Capability Month. The State Securities Board and the North American Securities Administrators Association are issuing this Alert to help investors better understand the emerging investment business of robo-advisers. View the Alert in a print-ready format.

Investors...

Mar 31
2019

Administrative Action Report Jan-Mar 2019

The following are summaries of administrative actions the Texas State Securities Board took from Jan. 1 through March 31, 2019:

Raymond Cui: Fine, Reprimand

Raymond Cui of Houston was reprimanded and fined $5,000 Feb. 19 for violating State Securities Board rules requiring the timely...

Mar 12
2019

Dallas Investment Promoter 'Doc' Gallagher Arrested In Alleged $19M Fraud

William Neil “Doc” Gallagher , who promotes his investment business on Christian radio and in books like “Jesus Christ, Money Master,” has been arrested to face first-degree state felony charges of securities fraud and money laundering in Dallas County.

In a related action, the U.S....

Mar 7
2019

Medical Device Promoter Ordered to Stop Investment Offering

Texas Securities Commissioner Travis J. Iles took emergency action on March 7 to stop Randall Johnson , the president of a Georgetown wellness company, from fraudulently offering investments in a machine that Johnson claims to be “the most advanced early screening system” for primary care...

Feb 22
2019

Commissioner Fines Crypto-Investing Firms, Obtains Repayment for Investors

Utah-based firms that illegally sold unregistered cryptocurrency-mining investments paid a $25,000 fine to the State of Texas and will offer Texas residents full repayment of any money they invested.

Under the terms of a Feb. 21 Order , NUI Social LLC, Mintage Mining LLC, and related...

Feb 7
2019

2018 Enforcement Report: Blind Faith, Fraud, and Millions of Dollars Lost

When it comes to investing, blind faith can be very expensive.

The State Securities Board Enforcement Report for 2018 , released Feb. 7, highlights cases in which individuals took it on faith that they were putting their money into legitimate investments managed by legitimate executives...

Jan 28
2019

Following State Criminal Cases, SEC Sues N. Texas Trio in $44 Million Fraud

The Securities and Exchange Commission has sued three individuals for operating a complex web of real estate development companies in North Texas that defrauded investors of at least $44 million.

The SEC civil action , filed in U.S. District Court in Dallas on Jan. 25, follows criminal...

Jan 9
2019

Order the 2019 Texas Investor Guide

The 2019 edition of the Texas Investor Guide is here, so the sooner you order copies the sooner you'll be able to start the new year with the unbiased, no-nonsense guidance you need to invest wisely and avoid financial fraud.

Regardless of income, age, or overall fiscal health, the...

Dec 31
2018

Administrative Action Report Oct-Dec 2018

The following are summaries of administrative actions the Texas State Securities Board took from Oct. 1 through Dec. 31, 2018:

GoForex Group AKA Go Forex Group, Mary A. Scott, and Sharon Henderson: Emergency Cease and Desist Order

Texas Securities Commissioner Travis J. Iles on Oct. 10...

Nov 28
2018

Commissioner Acts to Stop Crypto Promoter's Second Scheme

Texas Securities Commissioner Travis J. Iles entered an emergency action Nov. 27 to stop an investment offering by a cryptocurrency promoter who previously sold a digital currency that lost 99% of its value.

The Emergency Cease and Desist Order alleges that Mark Steven Royer of Del Mar,...

Nov 14
2018

North Texas Developer Indicted for Alleged $17 Million Real Estate Fraud

Phillip Michael Carter of Frisco was arrested Nov. 13 to face state fraud charges in connection with raising $17.5 million from nearly 100 Texas investors – many of them elderly – for real estate development projects in North Texas.

Shelley Noel Carter , Phillip Carter’s wife, was...

Nov 6
2018

Dallas Adviser to Pay $52,569 in Fines and Reimbursed Fees

Brazos Securities Inc. of Dallas will pay a $20,000 fine to the State of Texas and pay $32,569 to a client who was charged excessive fees after being moved to an investment advisory account at the firm.

The Disciplinary Order , which Texas Securities Commissioner Travis J. Iles entered...

Nov 5
2018

Broker-Tech Firm Fined $25,000 for Unregistered Activity

Texas Securities Commissioner Travis J. Iles entered a Disciplinary Order on Nov. 5 that levied a $25,000 fine on Trade-PMR Inc. , a provider of brokerage and technology services, for failing to know that two investment advisers using its services were not registered to render investment advice...

Oct 10
2018

State Regulators Release Annual Enforcement Report

The North American Securities Administrators Association (NASAA) today released its annual enforcement report, which shows a reversal in a recent trend as more enforcement actions were taken in 2017 against unregistered individuals or firms than registered members of the securities industry....

Oct 10
2018

Forex Firm, Targeting Small Investors, Ordered to Halt Offerings

Texas Securities Commissioner Travis J. Iles on Oct. 10 took emergency action against a financial firm that is promising investors of limited financial means that it can produce huge returns from investments in foreign currency trading, real estate, and oil and gas.

The Securities...

Sep 30
2018

Administrative Actions Report July-Sept 2018

The following are summaries of administrative actions the Texas State Securities Board took from July 1 through Sept. 30, 2018:

Sunlight Investments: Fine, Reprimand

Texas Securities Commissioner Travis J. Iles levied a $15,000 fine against Sunlight Investments of Katy for rendering...

Sep 18
2018

Russian Promoters, Offshore Crypto Bank Targeted in Orders

Texas Securities Commissioner Travis J. Iles took emergency action Sept. 18 to stop the fraudulent offerings of investments in three separate schemes involving cryptocurrencies.

Commissioner Iles entered separate emergency cease and desist orders against Coins Miner Investment Ltd. , a...

Aug 28
2018

States Continue Crackdown on Cryptocurrency Investments

U.S. state and Canadian securities regulators, continuing their crackdown on questionable cryptocurrency-related investments, have taken 47 enforcement actions against fraudulent investment promoters and opened more than 200 investigations since May 1.

The North American Securities...

Aug 7
2018

Emergency Action Taken Under Vulnerable Adult Financial Exploitation Law

Texas Securities Commissioner Travis J. Iles entered an Emergency Cease and Desist Order August 6 against a computer repairman who transferred nearly $28,000 from a financial account of an 88-year-old resident of Del Rio.

The cease and desist order is the first action taken by the...

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