News Releases

Jul 30

Legacy Wealth Advisors

Legacy Wealth Advisors, Inc., a Texas registered investment adviser located in Waxahachie, Texas, consented to the entry of a Disciplinary Order that will require Legacy Wealth Advisors to pay an administrative fine of $15,000. The Disciplinary Order was entered today by the Securities Commissioner...
Jul 22

State Securities Regulators in Texas and Alabama Team Up to Protect Senior Investors and Put a Stop to Fraudulent Precious Metal Investments

The Texas State Securities Board (TSSB) and the Alabama Securities Commission (ASC) issued cease and desist orders against TRUE BULLION LLC DBA GSI EXCHANGE, directing it to shut down illegal operations in Alabama and Texas. The Texas and Alabama orders accuse GSI Exchange of engaging in an illegal...
Jul 1

Serial Recidivist’s Joyride Speeds to a Halt

Robert Mangiafico Jr., a 55-year-old resident of Carrollton, was sentenced by the 296th District Court in Collin County to serve 20 years for evading arrest with a deadly weapon and 63 years for possession with intent to deliver GHB, a controlled substance commonly known as a date rape drug...
Jul 1

Texas Stops Fraudulent Private Equity Scheme

Securities Commissioner Travis J. Iles entered an Emergency Cease and Desist Order against Prestige Equity and others accused of illegally offering lucrative investments tied to a private equity fund. According to the order, the parties are claiming investors become limited partners in the private...
Jun 29

Securities Commissioner Issues Two Administrative Orders

Texas Securities Commissioner, Travis J. Iles, entered an order today suspending the license of Dallas-based investment adviser and agent Michael E. Witt for a period of thirty days due to Witt’s inequitable business practices in connection with a former advisor sunsetting program at his prior firm...
Jun 17

Securities Commissioner Stops Fraudster from Impersonating ARK Invest and an ETF Managed by Cathie Wood

ARK Invest and its founder and CEO, Cathie Wood, have been generating considerable attention with their bets on innovative, disruptive technologies. The company is an investment adviser for certain exchange traded funds and registered with the Securities & Exchange Commission. The ARK Innovation ETF...
Jun 16

Securities Commissioner Stops Illegal Forex Trader Operating in Frisco, Texas

Securities Commissioner Travis J. Iles entered an emergency cease and desist order against David A. Grissom and Premier Concepts, accusing them of illegally operating an unregistered forex investment scheme from Frisco, Texas. According to the order, Grissom and Premier Concepts advertised the...
Jun 15

Securities Commissioner Stops Fraudulent Offering Tied to Downtown Austin Venue Bull & Bowl

Securities Commissioner Travis J. Iles entered an Emergency Cease and Desist Order to stop a fraudulent securities offering tied to Bull & Bowl, a nightclub located in downtown Austin, Texas. The action names Austin resident David Wesley Goodnight and his businesses, Valiant Holdings, LLC, and...
May 19

Out of Options: Commissioner Revokes Adviser’s Registration for Breach of Fiduciary Duties tied to Aggressive Options Trading

Randall Fields of San Antonio, Texas consented to the revocation of his registration as an investment adviser representative of his own state-registered investment advisory firm with the Securities Commissioner. The revocation is part of a consent order that Texas Securities Commissioner, Travis J...
Apr 30

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 –...