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

Oct 29

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 ordered to serve deferred adjudication community supervision for a term of five years, and as part of his plea bargain, he paid upfront restitution of almost $17,000.
The indictment alleged Trussell, a co-defendant of Tommie “Tom” Carter Jr., sold investments issued by the Tom Carter Trust, the Tom Carter Foundation, and other issuers without disclosing he was not authorized by his firm to deal in the products. He also concealed his sales relationship with Tom Carter and did not disclose that money provided by investors would actually be invested in the Tom Carter Investment Program. Carter was arrested earlier this year and is being prosecuted for securities fraud, theft, misapplication of fiduciary property and money laundering. 
As part of the plea bargain, Trussell agreed to the entry of an agreed cease and desist order. The agreed cease and desist order finds that Trussell illegally and fraudulently offered securities in Texas and bars further violations.
Trussell was previously registered to sell securities in Texas. In 2018, however, he was barred from the industry.
The Texas State Securities Board investigated the case. The agency recognizes the work of the Bexar County District Attorney’s Office in successfully prosecuting Trussell. The Bexar County District Attorney’s Office is also prosecuting Carter. Agency Assistant Director Angela Cole has been appointed as a special prosecutor and is assisting in the prosecution of the cases.