Terrence Riely: Indicted

Aug 26

The Bexar County District Attorney re-filed an indictment against Terrence Riely of San Antonio on August 26, alleging misapplication of fiduciary funds in connection with the fraudulent sale of promissory notes to Texas residents.

Riely was a director of Paramco Financial Group Inc.

The indictment alleges that Riely lied to investors about the financial soundness of Paramco's promissory notes and other instruments and that he failed to tell investors that his late partner, Douglas Gregg, had been the subject of state regulatory sanctions in Texas and Utah.

The indictment also alleges that Riely did not inform investors that neither he nor Paramco officers were licensed to sell securities in Texas.