Sep 26
2013

Richard D. Hicks of Tyler was indicted on securities fraud charges Sept. 26 in the 241st State District Court in Smith County.

Hicks sold promissory notes issued by National Note of Utah LC, which the Securities and Exchange has charged is a $100 million real-estate based Ponzi scheme. Hicks has never been registered to sell securities in Texas, but he sold National Note’s investments as part of what he claimed was a strategy to protect the assets of elderly clients and their families.