Dec 12
2014

Emergency Order Entered Against Felon's Options Trading Operation in N. Texas

The Texas Securities Commissioner on Dec. 11 entered an Emergency Cease and Desist Order against Clifton Curtis Sneed Jr. of Cedar Hill, whose record includes a conviction on securities fraud charges in 2007 and related sanctions by state and federal regulators for a fraudulent investment scheme...

Nov 20
2014

Investor Alert: Risky Tradeoffs in Retirement Plan Withdrawals

State pension funds provide an attractive benefit for public-sector employees: a monthly annuity payment for life.

These benefits are attactive to investment salespeople as well. They can reap a windfall in commissions and fees by convincing public sector workers to roll over some or all...

Nov 17
2014

Investor Alert: Sidestepping Red Flags of Fraud

The State Securities Board today released a list of the most common types of fraudulent investment schemes and offered strategies to avoid becoming a victim.

Emerging red flags on this year’s list include digital currency transactions, stream-of-income investments, and new ways in which...

Sep 19
2014

Former Adviser Sentenced to 20 Years for Fraud, Theft

William Charlton Mays IV, a former investment adviser representative in Corpus Christi, was sentenced to 20 years in state prison on Sept. 18 after being convicted on securities fraud and theft charges.

Mays was sentenced to 20 years for fraud and 10 years for theft in the 214th State...

Sep 11
2014

School Employees Among Investors in Alleged Multi-Million-Dollar Fraud

Christopher Anthony Zaal of McKinney was arrested Sept. 8 after having been indicted in Collin County on charges of securities fraud and money laundering for obtaining at least $2.27 million in fraudulent investment schemes.

Zaal allegedly committed fraud when he sold promissory notes...

Mar 30
2014

North Texas Attorney Sentenced to 20 Years for Theft in Oil Royalties Scam

Frisco attorney Kelly Gordon Rogers, convicted of first-degree felony theft for stealing $1.3 million from investors in fraudulent oil and gas schemes, was sentenced to 20 years in state prison on May 28 and ordered to pay a $10,000 fine.

The case was prosecuted in Collin County State...

Feb 25
2014

Investor Alert: Risks In Investments Tied to Digital Currencies

In the wake of recent turmoil in the market for Bitcoins, Texas Securities Commissioner John Morgan today urged investors to consider investment risks associated with digital currencies.

“Although digital currencies such as Bitcoin are often touted as a sophisticated, online alternative...

Oct 2
2013

Investor Alert: Guess Who's Coming to Dinar?

At a recent State Securities Board investor education presentation, the first question from a member of the audience was, “What do you think of the Iraqi dinar?” The woman and her husband had purchased some dinar notes after a salesman assured them the dinar would skyrocket in value once the...

Sep 19
2013

Fraud Against Elderly Women Nets 40-Year Sentence

Robert Joseph Mangiafico Jr., who stole more than half-a-million dollars from elderly women he convinced to buy annuities that never existed, was sentenced to 40 years in state prison on Sept. 18 after pleading guilty to charges of theft and money laundering .

Judge Benjamin Smith of the...

Mar 7
2013

Investor Alert: How to Sabotage Your Retirement

If you contribute to a 401(k) or other workplace retirement account, the balance you've built up is a tempting source of readily available cash. You can borrow from your account with favorable repayment terms. Under certain circumstances you can qualify for a hardship withdrawal. And when you...

Feb 20
2013

Promoters of Death Benefits Fraud Sentenced to 10 Years

Howard Glen Judah and Gregory F. Jablonski, the architects of a fraudulent life settlement corporation that attracted nearly $30 million from investors, today were each sentenced to serve 10 years in state prison for securities fraud and 10 years for sale of an unregistered security. The...

Feb 4
2013

Foreign Notes Scammer Sentenced to 80 Years in State Prison

Karen P. Bowie, a Maine resident who participated in a North Texas-based foreign notes scam, was sentenced to 80 years in state prison on Friday after being convicted of theft of property.

The Collin County District Attorney's Office prosecuted the case, and Dale Barron a Texas State...

Jan 17
2013

Investor Alert: Target Date Funds Not Always A Smooth Ride

If you contribute to a retirement plan at work, you probably have the option to invest in a target date mutual fund (TDF), an investment that is promoted as one-stop shopping for retirement savers.

A target date fund is designed, basically, to save investors from themselves. Too few...

Jan 3
2013

Investor Alert: Clueless Investing Opinions Ahead!

The surest sign of the new year for investors? It’s the seemingly endless recommendations by financial experts on the best places to put your money in 2013.

You know the drill: the personal finance magazines touting the best stocks or funds for ’13; mutual fund managers touting, well,...

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...

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...

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...

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...

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