Enforcement Actions Criminal Civil

On April 10, 2003, Judge Margaret Cooper of the 353rd Judicial District Court, in Austin, Texas, ordered a temporary restraining order and a temporary receiver appointed against Lannie Blake Lown, One West Financial Services and others in connection with an alleged metals trading Ponzi-Scheme being...

On February 21, 2003, Roy Birk, of Llano, Texas, was sentenced in the 290th Judicial District Court of Bexar County to three years probation for selling unregistered securities. The indictment related to the sale of Cash4Titles promissory notes to the public. The cause number was 2002CR 8427A.

On February 18, 2003, in U.S. District Court, Dallas, Andrew Ramsey, Lisa I. Dale, Kevin DeWayne Spencer and Hollis Larenzo Maxfield , were sentenced to 97 months, 78 months, 78 months and 57 months in prison, respectively, with restitution to be determined at a future date, by the Honorable Judge...

On or about February 13, 2003, James Everett Surber, of Houston, Texas, was indicted by a Harris County Grand Jury for securities fraud involving an amount over $100,000 and violations of the criminal registration provisions of the Texas Securities Act. The matter involves the sale of Cambridge...

On February 12, 2003, David M. Phillips, III, was sentenced by U.S. District Court Judge Jorge A. Solis to serve 34 months in prison and ordered to pay approximately $2 million in restitution in connection with his conviction for securities fraud. The indictment related to misrepresentations made in...

On January 9, 2003, the Honorable Margaret Cooper of the 98th Judicial District Court, Travis County, Texas, closed the receivership established in 1998 in the matter of Kairos Financial Services (USA), LLC; El Crucero, Inc.; Thrift Dimensions, Inc. dba Economic Soultions Information Center; Carlos...

On January 6, 2003, Jack Dwight Sheppard was sentenced to 6 years in prison and restitution, in Harris County District Court, in connection with his guilty plea to a charge of Theft Over $200,000. Mr. Sheppard operated a Ponzi Scheme, offering investors 18% return and a share of profits. Funds...

On December 13, 2002, in the 297th District Court, Tarrant County, Kenneth Dale Ledford pleaded guilty to four indictments alleging securities violations involving the sale of Financial Federated Title and Trust, Inc./American Benefits Services, Inc. viatical certificates and Cambridge International...

The Court of Appeals for the First District Of Texas affirmed the six judgments of conviction of Carey Bernard Caldwell aka Bernard Talib Din Hasen, entered by the 180th District Court Court, Harris County, Texas. Mr. Caldwell aka Hasan was sentenced to 18 years in prison in connection with the...

On November 26, 2002, in connection with a multi-state action, Merrill Lynch, Pierce, Fenner & Smith, Inc. paid a fine to the State Of Texas in the amount of $3,473,787. Additionally, the firm has agreed to abide by a wide variety of rules regarding its research practices. The Order in the matter...