Sep 22
2015

Investor Alert: Seniors Remain Top Target for Fraud

The North American Securities Administrators Association (NASAA) reported that senior investors continue to be a primary target for fraudulent investment pitches. In its 2015 Enforcement Report on 2014 Data , released Sept. 22, NASAA, based in Washington, D.C., reported that affinity fraud and...

Sep 4
2015

Securities Dealer Fined for Role in Sales of 'Alternatives'

WFG Investments Inc. of Dallas was reprimanded and fined $175,000 for failing to determine whether the sales of alternative investments exposed clients to excessive risk.

The Disciplinary Order , entered Sept. 3 by Securities Commissioner John Morgan, found that WFG violated the...

Sep 1
2015

Fees Reduced for Dealers, Investment Advisers

The Texas State Securities Board last week voted to decrease registration fees for securities dealers, investment advisers and their agents and representatives, effective Sept. 1...

Aug 18
2015

Citigroup Fined, Reprimanded for Registration Violations

Texas Securities Commissioner John Morgan entered a Consent Order Aug. 18 which found that Citigroup Global Markets Inc. failed to monitor the registration status of sales assistants, some of whom accepted client orders without being appropriately licensed.

Citigroup was reprimanded and...

Jun 25
2015

San Antonio Oil and Gas Promoter Hit With Emergency Order

Securities Commissioner John Morgan entered an Emergency Cease and Desist Order June 22 against Petro-San Resources LLC and Sean Patrick Riley of San Antonio.

The order alleges that Petro-San and Riley are offering to sell unregistered oil and gas investments in a Caldwell County...

Jun 16
2015

Former Corpus Christi Adviser Indicted in Half-Million Dollar Investment Fraud

Kenneth Wayne Graves, a former investment adviser representative in Corpus Christi whose license to sell securities was revoked last year by the Texas Securities Commissioner, has been indicted in Nueces County on fraud and other charges related to the sale of investment contracts to his clients...

Apr 8
2015

Investor Alert: Confusion Over Fees to Brokerages

New research from the North American Securities Administrators Association (NASAA) finds investors are confused when it comes to the fees charged by brokerage firms to service and maintain their accounts.

"Greater transparency and improved disclosure would allow investors to quickly and...

Apr 7
2015

Trader Indicted in Fort Bend County for Securities Fraud, Theft

Jeffrey Ray Filla was arrested April 6 after having been indicted in Fort Bend County on securities fraud and other charges stemming from his sale of investments in Prophecy Fund LP, a commodities trading program whose collapse he tried to conceal with false financial statements and...

Mar 26
2015

North Texas Company Ordered to Stop Fraudulent Offering of Oil Royalty Rights

Securities Commissioner John Morgan entered an Emergency Cease and Desist Order March 25 prohibiting Lonestar Mineral Assets LLC and Kenneth Wayne McKay from illegally offering for sale unregistered investments in mineral royalty rights and not disclosing information about McKay's background,...

Jan 20
2015

South Texas Consultant Sentenced to Prison for $1M Fraud

Alberto Alba Villarreal , who testified in court that he had previously earned $20,000 a month as a consultant for insurance and other businesses in Mexico and the United States, was sentenced to five years in prison Jan. 16 after being convicted of theft of property for stealing money that was...

Dec 15
2014

Streamlined Electronic Filing System Available

The Texas State Securities Board today announced its participation in the nationwide online Electronic Filing Depository (EFD), a system developed to make it more efficient for issuers to offer certain exempt securities offerings throughout the United States and to improve transparency for...

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...

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