Jan 7
2011

Travis County state District Judge Stephen Yelenosky on Jan. 7 approved a Temporary Restraining Orderagainst Warr Investment Group LLC and Warr International Group LLC, Austin-based firms that allegedly sold illegal investments in violation of a Cease and Desist Order issued by the Texas State Securities Board.

A lawsuit filed by the State Securities Board and the Texas Attorney General's Office alleges that the Warr companies and CEO James Elton "Jim" Warr defrauded the public through illegal and deceptive sales of securities in real estate investment programs.

The defendants claimed investors would receive a guaranteed 8% annual return and that the real estate investments are safe and secure.

The suit alleges the defendants misused and misapplied investor funds to pay commissions to unregistered sales agents and to pay for a 2008 Mercedes Benz and other items unrelated to the investment program.