Robert Patrick McGann: Guilty Plea

Apr 2

Robert Patrick McGann of Cedar Park paid full restitution of $141,234 as part of a guilty plea to a charge of theft April 2 in Gregg County District Court.

The terms of the plea include seven years deferred adjudication and the surrender of his license to sell insurance in Texas.

McGann, who has never been registered to sell securities in Texas, stole money from investors who purchased interests in promissory notes he sold. Three of the investors were 65 years of age or older.

The Securities Commissioner in January 2008 entered an Emergency Cease and Desist Order against McGann, who, as the managing member of Secure Growth LLC, offered for sale an unregistered bond investment that promised to yield 15% a year for up to seven years. But McGann failed to disclose his or SGL's expertise, operating history, and whether SGL had the ability to pay investors.

In September 2008, the Securities Commissioner and McGann negotiated an Agreed Cease and Desist Order that modified the terms of the emergency order.