News Releases

In September 2024, the Texas State Securities Board settled its allegations against Josip Heit and various other respondents often referred to as GSB Group or GSB Germany. The parties executed a term sheet that required Heit and other respondents, in part, to return all deposits, less withdrawals...

Last Friday, Travis County State District Judge, Maya Guerra Gamble, ruled in favor of a motion to distribute more than $4.5 million to investors in Retirement Value, LLC (RV). The motion was filed on March 4, 2025, by Michael D. Napoli, counsel to the court-appointed receiver in control of the...

DURING THE SETTLEMENT OF ALLEGATIONS OF PERPETRATING A PREVIOUS FRAUDULENT SCHEME US CLIENTS ARE ALLEGEDLY BEING OFFERED DIGITAL ASSETS THAT PURPORTEDLY PAY “LIFECHANGING” RETURNS Securities Commissioner Travis J. Iles entered an Emergency Cease and Desist Order to stop offers of Apertum (APTM), a...

EFFECTIVE MARCH 13, 2025, THE TEXAS STATE SECURITIES BOARD IS PLEASED TO ANNOUNCE THE ADOPTION OF RULES TO RECOGNIZE FINRA MQP AND NASAA EVEP, AS WELL AS OTHER RULES ADOPTING THE SEC REGULATION BEST INTEREST AND THE SEC MARKETING RULE BY REFERENCE, AND RULES RECOGNIZING FINRA RULES ON RESIDENTIAL...

The Texas State Securities Board announced today that it joined a taskforce of state securities regulators and the United States Securities and Exchange Commission (SEC) in a $106 million restitution settlement with Vanguard Marketing Corporation (VMC) and The Vanguard Group, Inc. (Vanguard). The...

The Texas State Securities Board announced today that it has joined a multi-state settlement with Edward D. Jones & Co., L.P. (Edward Jones) which will see Edward Jones pay $17 million in penalties for supervisory failures that affected main street investors. The four-year investigation was a...

Securities Commissioner Travis J. Iles filed an Emergency Cease and Desist Order against Darrell Porter, a Minister from Killeen, Texas, and Eric Ture Muhammad, a purported “Wealth Minister” from Fairburn, Georgia. The order accused Porter and Muhammad of illegally and fraudulently offering...

Securities Commissioner Travis J. Iles announced the Texas State Securities Board is settling claims with GSB Gold Standard Corporation AG, a German company purportedly operating in the fintech and banking industries, and GSB Gold Standard Bank LTD dba GS Partners. The settlement also names Josip...

Impersonating Texas companies, for example Tesla Inc., isn't the best of ideas— Emergency Cease and Desist Order. In an unrelated order, Masterworks Administrative Services, LLC, resolved its prior activities by agreeing to comply with securities law requirements and paying an administrative fine—...

Securities Commissioner Travis J. Iles issued an Emergency Cease and Desist Order to halt a fraudulent MLM scheme that purportedly offered investments in cloud mining cryptocurrency. The order outlines the use of deceptive image and video manipulation techniques and the employment of actors to...