Enforcement Actions Criminal Civil

On October 29, 2002, the 200th Judicial District Court of Travis County ordered distribution of $598,785 to the Caron Peregrine Strategies Investor Group in connection with a receivership over the assets of Brian Russell Stearns and Trans-Global Asset Management, Inc. , cause number GV 100254, State...

On October 28, 2002, ex-stockbroker Ronald J.Clifton was sentenced to 10 years in federal prison and ordered to repay investors over $6 million by United States District Judge W. Royal Furgeson. Clifton defrauded Odessa area investors of over $6 million dollars in a Ponzi-scheme in which he offered...

On September 29, 2002, a Bexar County Grand Jury presented indictments to the 144th Judicial District Court alleging violations of the Texas Securities Act by Ferdinand Lentz , of San Antonio, Texas and Roy Birk , of Llano, Texas. Additionally, Mr. Lentz is alleged to have misapplied fiduciary...

On August 5, 2002, Richard T. Taylor , age 52, was sentenced by the Honorable United States District Judge Barbara M. G. Lynn to 10 years imprisonment, and ordered to pay $3.3 million in restitution to victims of his crime. Taylor pled guilty in March 2002 to one count of securities fraud and one...

On July 25, 2002, the Fourteenth Court of Appeals affirmed the convictions of Burrell Murchison and Richard Murchison for securities fraud, in Harris County , Texas. The case involved the alleged fraudulent sale of debentures issued by the Murchison Group, Inc. to investors in Harris County. The...

On July 11, 2002, James E. Hurley , an agent and representative for The Equitable Life Assurance Society of the United States, (Equitable), pled guilty in federal court in Dallas to one count of mail fraud, stemming from his scheme to steal a client's invested funds. Hurley, age 46, faces a maximum...

On June 5, 2002, Ronald Jay Clifton of Odessa, Texas pled guilty to one count of conspiracy to commit securities, mail and wire fraud before United States Magistrate L. Stuart Platt. Mr. Clifton engaged in a scheme to defraud Odessa area investors of approximately $5.4 million. Mr. Clifton...

On May 14, 2002, Ronalee Levy Orlick , of Wellington, Florida, was sentenced to 4 years probation in connection with her role as an unregistered dealer in the sale by American Benefits Services, Inc. of Financial Federated Title & Trust, Inc. securities to the public. The cause number was 0818551D...

On May 9, 2002, in the 203rd Judicial District Court, Dallas County, Hugh Maxwell Roth was sentenced to 10 years in state prison for violating the terms of his probation in Cause # F00-01971. Mr. Roth previously was placed on 10 years probation in connection with a nollo plea to an indictment for...

On April 26, 2002, after a two week jury trial before The Honorable United States District Judge Sam A. Lindsay, Kevin Dewayne Spencer and Lisa L. Dale were convicted by a Dallas jury on more than 80 counts each including securities fraud, wire fraud, money laundering. Two co-defendant's, Andrew...