News Releases

May 3

Texas Leads Coordinated States Action to Stop Artificial Intelligence Investment Scam. The AI was Purportedly Endorsed by Elon Musk and Comparable To CHATGPT

Securities Commissioner Travis J. Iles entered an Emergency Cease and Desist Order to stop an investment scheme purportedly powered by artificial intelligence and endorsed by Elon Musk. The Texas State Securities Board led a group of regulators that include the Alabama Securities Commission, the...
Apr 17

Texas Securities Board Enters Final Order Against Crypto Firm Nexo Capital, Inc.

On April 17, 2023, the Texas State Securities Board entered a final order against Nexo Capital Inc. (“Nexo”). Nexo was organized as a Cayman Islands corporation and dealt in interest-bearing digital asset accounts. Clients invested in the accounts by lending digital assets to Nexo, and Nexo afforded...
Apr 6

Texas Joins Multiple States In $10 Million Settlement With Robinhood for Failing Investors

The Texas State Securities Board announced today that it has joined a multi-state settlement with Robinhood Financial LLC, which will pay up to $10.2 million in penalties for operational and technical failures that harmed main street investors. The settlement stems from an investigation spearheaded...
Apr 4

State Regulators Stop Fraudulent Artificial Intelligence Investment Scheme

Earlier today, the Texas State Securities Board joined the Alabama Securities Commission and the Montana Securities Commission in filing enforcement actions to stop a fraudulent artificial intelligence investment scheme. The actions accuse and Stefan Ciopraga of illegally soliciting...
Feb 17

Securities Commissioner Warns Mongolian Victims of Advance Fee And Imposter Scheme

The Texas State Securities Board is warning against an advance fee fraud and imposter scheme perpetrated by parties pretending to be the Texas State Securities Board. The scam is targeting victims of cryptocurrency fraud residing in Mongolia, falsely claiming the agency will compensate them for...
Jan 19

Texas Securities Board Joins $22.5 Million State Settlement with Nexo Capital over Unregistered Digital Assets Investment Accounts

The Texas State Securities Board joined other state securities regulators and the U.S. Securities Exchange Commission (SEC) in jointly announcing a settlement in principle with Nexo Capital, Inc. (Nexo). The settlement requires Nexo to pay a total of approximately $22.5 million in fines to state...
Nov 8

Securities Commissioner Stops Convicted Felon from Defrauding Texans

Securities Commissioner Travis J. Iles filed an emergency cease and desist order that accused Adrian Lamont Gunn, a resident of Lubbock, from perpetrating an illegal securities scheme. According to the order, Gunn is a convicted white-collar criminal. Before perpetrating his recent scheme, Gunn...
Nov 3


Securities Commissioner Travis J. Iles announced that Tommie “Tom” Carter Jr, a 64-year-old resident of Austin, Texas, was convicted of first-degree securities fraud and sentenced to serve 40 years in prison. He was also ordered to pay restitution of more than $830,000 to victims. An investigation...
Oct 28

Recent Texas State Securities Board Administrative Orders

The Texas Securities Commissioner, Travis J. Iles, recently entered several administrative orders. The orders touch on all agency programs – Enforcement, Registration, and Inspections & Compliance – and represent fair and measured regulatory outcomes designed to protect Texas investors and...
Oct 20

Three State Securities Regulators File Enforcement Actions to Stop Sales of Fraudulent NFT Investments tied to the Metaverse

State securities regulators filed coordinated enforcement actions to stop sales of NFTs by an organization in the country of Georgia. The actions accuse Slotie NFT (“Slotie”) of illegally and fraudulently selling nonfungible tokens, often referred to as NFTs, to raise capital for online and...