News Releases

Sep 12
2012

State Securities Regulators Cite Top Compliance Violations by Broker-Dealers

Based on coordinated examinations of broker-dealers throughout the United States, the North American Securities Administrators Association (NASAA) has identified the top compliance violations and offered a series of recommended best practices for broker-dealers to improve their compliance procedures...
Jun 27
2012

Investor Alert: Entrepreneurs and Crowdfunding

Securities Commissioner John Morgan today urged small businesses and entrepreneurs to be aware of the potential regulatory pitfalls in "crowdfunding,"an online money-raising strategy sanctioned by the federal Jumpstart Our Business Startups (JOBS) Act. Through crowdfunding, individuals will be able...
Jun 6
2012

Securities Commissioner to Congress: Proposed Bill on Investment Adviser Regulation is a 'Job Killer'

Legislation to create a self-regulatory organization (SRO) for investment advisers would add redundant regulation and costs on thousands of small businesses in communities throughout the United States that could force many of these local firms to close their doors, Texas Securities Commissioner John...
May 15
2012

Investor Alert: Potential for Fraud in 'Crowdfunding'

The Texas State Securities Board today warned investors to consider the potential fraud in crowdfunding, an online money-raising strategy given new emphasis by the recent Jumpstart Our Business Startups (JOBS) Act. Crowdfunding began as a way for the public to donate small amounts of money, often...
Mar 1
2012

Morgan Keegan Fined $678,390 for Deceit in Bond Funds

Morgan Keegan & Co. and an affiliate company will pay a fine of $678,390 to the State of Texas for failing to tell investors about the high-risk assets in seven of its bond funds. A Consent Order entered by the Texas Securities Commissioner on Feb. 29 also found that Morgan Keegan failed to properly...
Feb 23
2012

South Texas Advisers Suspended, Fined for Unauthorized Sale of 'Death Benefit' Investments

The Texas State Securities Commissioner today entered Disciplinary Orders that suspended and fined two Corpus Christi investment adviser representatives for their unauthorized sale of life settlement notes. Jimmy Wayne Freeman Jr. was ordered to pay $453,186 to reimburse investors who bought "life...
Feb 21
2012

State Securities Board Offers Defenses Against Fraud for Military Members and their Families

When it comes to military service and the prevention of investment fraud, Robert Abreo has seen both sides of the equation. He is a U.S. Army veteran who served in Afghanistan, and a member of the Inspections & Compliance Division in the Houston office of the Texas State Securities Board. During...
Feb 1
2012

Investor Alert: Chasing Yield

Following the Federal Reserve's announcement that interest rates are expected to remain at exceptionally low levels until at least late 2014, the Texas State Securities Board cautions investors to beware of risky or outright fraudulent investments promising higher yield or returns. "Investors who...
Dec 22
2011

BNY Mellon Settles with Texas Over Probe into Rigged Bond Bidding

BNY Mellon Capital Markets LLC will pay $1.3 million to Texas and two other states for its role in a scheme to lower borrowing costs for Citizens Property Insurance Corp. of Florida. Texas' $500,000 share of the settlement goes to the state's general revenue fund. According to a Dec. 21 Consent...
Dec 14
2011

John Morgan Named New Texas Securities Commissioner

The Texas State Securities Board today welcomed back John Morgan, naming him the new Texas Securities Commissioner. Morgan had served as Deputy Commissioner for 14 years before retiring from state employment in February. Morgan's 27 .5 years of experience at the Agency includes 13 years in the...