A complaint pertaining to a securities dealer, agent, investment adviser, or investment adviser representative registered under the Texas Securities Act must be submitted to the Texas State Securities Board in writing. To file a complaint about the offer and sale of securities or about your securities dealer or investment adviser, please download and complete this form and send it to the Texas State Securities Board. The complaint form is also available in Spanish.
Complaints relating to fraud or other violations of the Texas Securities Act or a Board rule or order not pertaining to a registrant may be submitted to the Texas State Securities Board in writing or by telephone.
Upon receipt of a complaint, the agency will review the matter to determine whether further action by the agency is appropriate.
Generally, information provided to the Texas State Securities Board as part of the inquiry is confidential and may not be disclosed by the agency except under order of the court or as otherwise specified in Section 28 of the Texas Securities Act. However, the agency may send a copy of a complaint, or selected portions thereof, to a registered firm or individual who is the subject of the complaint.
Information requested from a registered firm or individual by the Texas State Securities Board is expected to be provided within the time specified in the request. Failure to comply with the agency's request is a basis for enforcement action.
Enforcement action taken by the Texas State Securities Board for a violation of the Texas Securities Act or a Board rule or order may include an administrative fine; an administrative proceeding to reprimand, suspend, or revoke registration; a civil lawsuit for injunction or receivership or referral of the matter to appropriate authorities for criminal prosecution. A person seeking rescission or restitution of funds should consult with private counsel at the earliest opportunity. Enforcement actions taken by the agency are often not of financial benefit to individual investors.
The Texas State Securities Board will notify the person filing the complaint and each registered firm or individual who is the subject of the complaint of the status of the inquiry at least quarterly until the matter is closed, unless such notice would jeopardize the ability of the agency to gather evidence relevant to the inquiry.