News & Publications

News Releases

Nov 8
2022

Securities Commissioner Stops Convicted Felon from Defrauding Texans

Securities Commissioner Travis J. Iles filed an emergency cease and desist order that accused Adrian Lamont Gunn, a resident of Lubbock, from perpetrating an illegal securities scheme.  According to the order, Gunn is a convicted white-collar criminal.  Before perpetrating his recent scheme, Gunn allegedly pleaded guilty to identity theft and fraud in connection with the use of access devices. In 2013, a federal court sentenced him to serve 61 months in federal prison followed by four years of supervised release. His term of supervised release ended earlier this year. 
 
The order alleges Gunn and Whisky Sky, an affiliated party, were offering investments tied to a nightclub in Houston, Texas.   According to the order, the investments cost as much as $100,000 and purportedly afforded investors the right to receive half of the nightclub’s profits.  The parties allegedly claimed to own the nightclub and Gunn provided investors with forged documents falsely documenting their purchase of the nightclub.  In other words, the order alleges Gunn was about to defraud Texans by selling something he simply does not own. 
 
The order also accused Gunn of offering investments purportedly issued by a California entertainment company that planned to promote a music festival in Texas.  These investments allegedly cost $50,000 and entitled investors profits derived from ticket sales, which Gunn claimed would be more than $100,000.  According to the order, however, Gunn had no affiliation with the entertainment company – his claims were simply false and he was not, in fact, partnering with it to promote a music festival. 
 
Also, Gunn has not been registered to offer or sell securities in Texas and the securities were not registered or permitted for sale in Texas. 
 
The order directs Gunn to immediately cease and desist his illegal and fraudulent offer of investments to Texans.  He was 30 days to challenge the order. 
 
Contact – Joe Rotunda, Director of Enforcement, at jrotunda@ssb.texas.gov or at 512-305-8392. 

Nov 3
2022

AUSTIN REAL ESTATE SCAMMER SENTENCED TO 40 YEARS IN PRISON

Securities Commissioner Travis J. Iles announced that Tommie “Tom” Carter Jr, a 64-year-old resident of Austin, Texas, was convicted of first-degree securities fraud and sentenced to serve 40 years in prison. He was also ordered to pay restitution of more than $830,000 to victims. An investigation...
Oct 28
2022

Recent Texas State Securities Board Administrative Orders

The Texas Securities Commissioner, Travis J. Iles, recently entered several administrative orders. The orders touch on all agency programs – Enforcement, Registration, and Inspections & Compliance – and represent fair and measured regulatory outcomes designed to protect Texas investors and...

Enforcement Actions: Administrative

Nov 29
2022

Notice of Hearing filed against Sam Bankman-Fried

The Notice of Hearing was filed at the State Office of Administrative Hearings. For inquiries contact Joe Rotunda, Director of Enforcement, by email at jrotunda@ssb.texas.gov or by telephone at 512-305-8392.

Nov 8
2022

Order No. ENF-22-CDO-1868

In the Matter of Whiskey Sky, LLC and Adrian Lamont Gunn: Emergency Cease and Desist Order

Nov 2
2022

Order No. REG-22-SUS-03

In the Matter of the Investment Adviser Representative Registration of Stephen Kwan: Suspension

Enforcement Actions: Criminal & Civil

Oct 29
2021

Former Registered Securities Professional Entered a Plea to Securities Fraud and other Crimes

On October 29, 2021, Derrick R. Trussell (CRD No. 5197550) entered a plea of no contest to securities fraud, securing execution of a document by deception and misapplication of fiduciary property in Cause No. 2019-CR-5767B, in the 175th Judicial District Court of Bexar County, Texas. Trussell was...
Oct 28
2021

Warning to Victims of Rare Earth Exploration LLC, Bradley Sherman Haycraft and Timothy Taylor

The Texas State Securities Board is warning investors in Rare Earth Exploration LLC about a fake financial settlement scam involving the Gordon Black & Associates Law Firm and International Corporate Entity Inc. Scammers claiming to be employees of Gordon Black & Associates are contacting investors...
Oct 15
2021

Larry Steve Bassett - Indicted

On October 15, 2021, a grand jury sitting in Lee County, Texas, indicted Larry Steve Bassett for first-degree securities fraud, theft and money laundering. The charges relate to his alleged unlawful sale of investments in a trading program to 15 victims for approximately $1.5M. Bassett is accused of...

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Strategies for Investing Wisely and Avoiding Financial Fraud

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A six-part online presentation covering Making Investments, the Principles of Investing, Investing for a Secure Retirement, Planning Withdrawals, and Avoiding Scams.

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Financial Field Manual

A Personal Finance Guide for Military Families