News Releases

Nov 9
2016

North Texas Oil and Gas Scammer Sentenced to 22 Years

Susan Gay Pruitt, who sold interests in phantom oil and gas exploration projects in Texas and three other states, was sentenced to 22 years in prison on Tuesday in Collin County State District Court. Pruitt pleaded guilty to theft and money laundering on Monday as her trial was about to start. Judge...
Oct 17
2016

Adviser Suspended 5 Years for Overcharging Clients

Texas Securities Commissioner John Morgan entered a Disciplinary Order on Oct. 14 that suspended Jens Pinkernell, an investment adviser representative, for five years. As part of the order, Pinkernell repaid $46,915 to two clients who were charged unauthorized and excessive fees by Pinkernell and J...
Oct 3
2016

Firm Fined $100,000 for Sale of Mortgage-Linked Securities

Old Security Financial Group Inc. of Spring was fined $100,000 for selling unregistered investments in a “mortgage note program” supposedly backed by commercial real estate. The fine, which will be paid to the General Fund of the State of Texas, was assessed against Old Security, its owner and...
Sep 30
2016

Administrative Action Report: July-Sept. 2016

The following are summaries of administrative actions and orders taken from July 1 through Sept. 30, 2016. Charles Schwab: Co. Inc.: Fine, Reprimand Charles Schwab & Co. Inc. was reprimanded and agreed to pay a $95,000 fine for failing to verify that certain individuals with powers of attorney in...
Sep 22
2016

Schwab Reprimanded, Fined $95,000 for Supervisory Failures

Charles Schwab & Co. Inc. was reprimanded and agreed to pay a $95,000 fine for failing to verify that certain individuals with powers of attorney in client accounts were required to be registered as investment advisers. The reprimand and fine are part of a Consent Order entered by Securities...
Sep 19
2016

Travis Iles Named Deputy Commissioner

Texas Securities Commissioner John Morgan announced today that Travis J. Iles has been named Deputy Commissioner of the State Securities Board. Iles joined the State Securities Board in 2001 and for the past six years served as Assistant Director of the Enforcement Division. He also served as a...
Aug 25
2016

Investor Alert: Scams Target Immigrant Visa Program

An immigrant visa program designed to attract foreign investment in U.S. businesses has also attracted scammers targeting immigrant investors. At issue is the federal immigrant visa known as the Employment-Based, Fifth Preference (EB-5) visa. Foreign investors who meet certain eligibility...
Aug 15
2016

15-Year Sentence for Stock-Trade Scam

Enticed by the promise of quick profits, investors in and around the small South Texas town of Alice sunk at least $5 million into Michael Anthony Collins’ stock-trading operation only to see their money stolen outright or used to fund a Ponzi scheme. Collins pleaded guilty to charges of securities...
Aug 15
2016

Emergency Action Filed Against Dallas-Area Investment Promoter

Texas Securities Commissioner John Morgan entered an Emergency Cease and Desist Order on Aug. 15 that requires Bobby Eugene Guess, an unregistered investment promoter, to stop engaging in fraud in marketing promissory notes tied to a wide array of businesses. The emergency order cites Guess’ failure...
Jun 30
2016

Administrative Action Report: April-June 2016

The following are summaries of administrative actions and orders taken from April 1 through June 30, 2016. Ralph W. Lillard and Stanley B. Catlin: Cease and Desist, Fines Texas Securities Commissioner John Morgan on May 31 entered consent orders that fined two unregistered individuals who solicited...