News Releases

Jan 22
2024

Texas Securities Board Settles with Abra Over National Sales of Interest-Bearing Accounts

Securities Commissioner Travis J. Iles entered a settlement in principle with a group of affiliated companies commonly known as Abra.  

Dec 21
2023

Texas Investors to Receive $625,000 Refund of Unreasonable Commission Charges

The Texas State Securities Board is pleased to announce it has joined a multi-state settlement with Raymond James & Associates, Inc. and Raymond James Financial Services, Inc. (collectively, “Raymond James”). The settlement comes as the result of an investigation into the company’s practices of...
Dec 21
2023

South Texas Agent Fined for Selling Away

Today, the Securities Commissioner entered an order fining a Corpus Christi-based agent $25,000 for selling an unapproved cryptocurrency to his brokerage clients. From in or about July 2017 through 2022, Jaime Rios, a registered agent of Money Concepts Capital Corp., engaged in outside business...
Nov 16
2023

GS Partners And Josip Heit’s Fraud Exposed by U.S. and Canadian Regulators

Securities Commissioner Travis J. Iles filed an emergency enforcement action to stop an ongoing international investment scheme threatening immediate and irreparable public harm.

Nov 15
2023

Securities Board Continues Protecting Texans from A.I. Fraud

Commissioner Travis J. Iles Announces Actions to Stop Two Artificial Intelligence Schemes An action was filed against 9xProfits Limited, Lucas Morris and others that allegedly offered investments that purportedly paid fixed, lucrative returns – in some cases, as high as 1.5% per day. According to...
Oct 5
2023

Commissioner Stops Crypto Fraud Purportedly Linked to Russian Government Assets

BigWhale.Io Allegedly Promised Significant Profits but Now Claims Hack Led to Loss of Investor Assets Securities Commissioner Travis J. Iles entered an Emergency Cease and Desist Order to stop sales of securities tied to a decentralized lending pool deployed on the Binance blockchain. BigWhale.io...
Sep 27
2023

Texas Leads Nationwide Action Against Precious Metals Firm

Agency Leadership Ensures Clients Can Receive Return of Principal Securities Commissioner Travis J. Iles announced the Texas State Securities Board’s settlement of claims with True Bullion LLC DBA Gold Silver International Exchange DBA GSI Exchange LLC and its principal, Anthony Anderson. The...
Sep 8
2023

The Securities Commissioner entered three unrelated administrative Orders the week ending September 8, 2023

Michael Delao was suspended for 90 days and assessed an administrative fine of $5,000 for failing to report a felony charge to the Securities Commissioner within thirty days of its occurrence, in violation of an agency Board Rule. This was the second disciplinary action taken by the Securities...
Aug 2
2023

Texas Joins Multi-State Group to Recover Overcharges for Investors In Commodity Firm Lear Capital Bankruptcy

August 2, 2023 – The Texas State Securities Board (TSSB) announces investors who purchased retail precious metals from Lear Capital will receive compensation as a part of Lear’s bankruptcy plan. State securities regulators had been investigating Lear for deceptive securities and commodities...
Jun 15
2023

Abra Earn and Abra Boost Warning

STATE ACTIONS ALLEGE FIRMS WERE INSOLVENT OR WERE NEARLY INSOLVENT BY MARCH 31, 2023 On June 15, 2023, the Texas State Securities Board filed enforcement actions against various companies collectively known as Abra and William John “Bill” Barhydt, the founder and CEO of Abra. The enforcement actions...