News Releases

Oct 21
2011

Central Texas Man Indicted in Oil and Gas Fraud Targeting Elderly Investors

A Hays County grand jury has indicted Robbie Dale Walker of Dripping Springs on one count of theft of more than $200,000 in connection with an alleged oil and gas scam involving elderly investors. The indictment was issued Oct. 12 and unsealed Oct. 21. Walker was arrested June 29 on a charge of...
Oct 17
2011

Defrauded Investors in Austin Company Due to Receive Some Funds Back

Investors in the Warr Investment Group LLC of Austin, which the State Securities Board forced into receivership earlier this year, will receive nearly one-third of their money back, with the potential for additional payments. A State Securities Board investigation of Warr Investment Group and its...
Sep 23
2011

Securities Commissioner Warns About the Risk of Fraud in Self-Directed Retirement Accounts

Securities Commissioner Benette L. Zivley today warned that promoters of fraudulent investments are using self-directed Individual Retirement Accounts to give credibility to their schemes and attract victims. While self-directed IRAs can be a safe way to invest retirement funds, Zivley said...
Sep 7
2011

Securities Commissioner Warns of Dangers in Social Media, Online Marketing

The rise in popularity of Facebook, YouTube, Twitter, LinkedIn, and myriad other websites and online networks have given con artists a new way to peddle fraudulent investment scams, Securities Commissioner Benette L. Zivley warns investors. "Today, crooks are increasingly logging on to find...
Aug 23
2011

Investor Alert: How Con Artists Target Investors Rattled by Economy, Volatile Markets

The Texas State Securities Board today released its annual list of dangerous financial products and practices, many of which seek to exploit investors' concerns about the current economic downturn and volatile stock markets. "Con artists follow the news and seek ways to exploit the headlines to...
Aug 1
2011

Adviser Who Sold Millions of Dollars in Non-Existent Bonds Faces Revocation of Registration

The Inspections & Compliance Division of the State Securities Board has requested that Houston investment adviser Brian Anthony Bjork and his firm, Select Asset Management LLC (SAM), have their state registrations revoked. Bjork and Select Asset sold millions of dollars worth of non-existent...
Jul 29
2011

Securities Commissioner Sues Life Partners for Refusing to Comply with Subpoenas in 'Death-Benefits' Probe

Securities Commissioner Benette L. Zivley sued Waco-based Life Partners Holdings Inc. and its founder and CEO, Brian Pardo, for refusing to comply with subpoenas from the State Securities Board. The Application to Enforce Subpoenas , filed late Thursday in Travis County state district court, marks...
Jun 29
2011

Raymond James to Pay $293,595 to State Of Texas to Settle Auction Rate Securities Investigation

Securities Commissioner Benette L. Zivley announced today that Raymond James Financial Services Inc. and Raymond James & Associates Inc. will pay a $293,595 fine to the State of Texas to settle claims the companies failed to disclose the risks of auction rate securities. As a result of the...
Jun 8
2011

Keep Financial Preparedness in Mind as Hurricane Season Starts

As hurricane season begins, the Texas State Securities Board urges Texans to take steps now to protect their household finances in the event of a disaster. "It's important to organize and protect your financial records under ordinary circumstances, but Texans living along the Gulf Coast and other...
May 26
2011

Central Texas Man Who Stole From Investment Clients Sentenced To 25 Years

A Limestone County jury today sentenced Reginald Lee Clark to 25 years in state prison after convicting him of stealing more than $400,000 from clients of his investment advisory business. The 12-member jury convicted Clark on a charge of theft on May 25. Clark was not registered to sell securities...