Feb 18

LPL Fined $95,000, Reprimanded, For Supervisory Failures

LPL Financial LLC was reprimanded and will pay a $95,000 fine for supervisory failures related to a former agent who obtained $2 million in loans from a LPL client. Texas Securities Commissioner John Morgan entered the Consent Order on Feb. 18.

The fine will go into the General Revenue...

Feb 16

Carrollton Investment Adviser Suspended

Ronald Eugene Harrison , an investment adviser representative in Carrollton, has been suspended for 90 days and is required to repay a client $5,000, which represents a portion of the commissions he earned in the sale of an investment to the client. Texas Securities Commissioner John Morgan...

Feb 3

Tune Out the Noise and Turn On to the 2016 Investor Guide

The State Securities Board’s newest version of the Texas Investor Guide has landed, bigger and better than ever.

The 2016 edition of the Texas Investor Guide: Strategies for Investing Wisely and Avoiding Financial Fraud , has been substantially revised and expanded to help investors –...

Feb 1

Firm Ordered to Stop Sale of Pension-Linked Investments

Texas Securities Commissioner John Morgan on Feb. 1 entered an Emergency Cease and Desist Order against a firm selling investments that supposedly earn returns from the payout of pension benefits it acquires from federal government employees, members of the military, and certain corporations....

Dec 10

Investor Alert: Third-Party Asset Recovery Firms

State securities regulators said Thursday that victims of investment fraud should be extremely careful when approached by companies -- known as third-party asset recovery firms -- promising to help them recover their money or bring the perpetrator to justice.

A third-party asset recovery...

Oct 29

Stock Trader Indicted In $5 Million Investment Scheme

Michael Anthony Collins of Alice was indicted Oct. 26 on charges of securities fraud, theft, and money laundering for allegedly stealing at least $5 million from investors who sunk money into his stock-trading operation.

The indictment alleges that from 2013 through mid-2015, Collins sold “investment plans” in Collins Financial Group of Alice. Investors were told . . . 

Oct 9

Stellar Content, Easier to Navigate – Good Looking, Too

The Texas State Securities Board’s new website is designed to provide the investing public and industry professionals more efficient ways to access the most relevant content.

The site offers new ways to stay connected to the State Securities Board, including Twitter ( @TxSSB ), and...

Sep 29

Three-Time Felon Indicted for Short-Term Loan Program

Larry David Eckenrode of McKinney, a three-time felon, was arrested Sept. 29 and faces securities fraud, theft, and money laundering charges related to his sale of investments in a short-term lending program that was allegedly making loans to international fuel businesses.

A Collin County grand jury indicted Eckenrode on Aug. 20, 2015. The indictment alleges . . .


Sep 22

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

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

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

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

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

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

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

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

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

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...