News Releases

Nov 16

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

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

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.
Sep 27

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

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

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

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...
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...