News Releases

May 23
2016

Houston Investment Adviser Sanctioned for Violations of 'Custody Rule'

Texas Securities Commissioner John Morgan on May 23 entered a Consent Order against Post Oak Investment Management Inc. , a Houston investment adviser. Post Oak Investment Management paid a $1,000 fine and was reprimanded for violating the State Securities Board’s “custody rule,” which requires...
Apr 5
2016

Investor Alert: Pitfalls of Pension Advance Schemes

If you are receiving regular payments from your pension, keep an eye out for sales pitches that ask you to trade the stability of those payments for the opportunity to make a quick buck.

The come-on will probably be as subtle as a used-car ad: Are you earning a pension from your former employer 

Apr 1
2016

Austin Forex Trader Ordered to Stop Fraudulent Offering

Texas Securities Commissioner John Morgan on March 30 entered an Emergency Cease and Desist Order requiring David Del Castillo of Austin to stop offering for sale investments in a foreign exchange trading operation. Del Castillo promoted his supposed expertise in forex trading – promising investors...
Mar 31
2016

Administrative Action Report: January-March 2016

The following are summaries of administrative actions and orders taken between Jan. 1 and March 30, 2016. SoBell Corp. and Andrew Gamber: Emergency Cease and Desist Order Texas Securities Commissioner John Morgan on Feb. 1 entered an Emergency Cease and Desist Order against a heavily sanctioned firm...
Mar 30
2016

Perpetrator of $37M Real Estate Fraud Sentenced to 19 Years

Derek A. Nelson ’s Garland-based real-estate investment program promised huge profits, with little risk, from the business of buying and renovating distressed properties. Distress, yes: Investors poured approximately $37 million into the promissory notes Nelson sold to purportedly fund his business...
Mar 24
2016

Excessive Fees, False Account Statements Cited in Revocation of Investment Adviser

Texas Securities Commissioner John Morgan on March 23 entered a Disciplinary Order that will revoke the registration of Sarah Helen Hancock , a Dallas investment adviser representative who withdrew grossly excessive amounts of money from clients’ accounts. Hancock provided at least one client with...
Mar 21
2016

Fort Worth Investment Adviser Revoked for Fraud, Selling Without Being Registered

Texas Securities Commissioner John Morgan on March 18 entered a Disciplinary Order revoking the registration of James Poe , a Fort Worth investment adviser representative who was found to have engaged in fraudulent practices and sold securities without being properly registered. Jim Poe & Associates...
Mar 7
2016

Scottrade Fined $50,000 for Supervisory Failures in Notification of Customers

Scottrade Inc. was fined $50,000 and reprimanded for failing to promptly notify certain customers when money was wired from their accounts to third parties. Texas Securities Commissioner John Morgan entered the Disciplinary Order on March 7. The fine will be paid to the General Revenue Fund of the...
Feb 18
2016

LPL Fined $95,000, Reprimanded, For Supervisory Failures

LPL Financial LLC was reprimanded and will pay a $95,000 fine for supervisory failures related to a former agent who obtained $2 million in loans from a LPL client. Texas Securities Commissioner John Morgan entered the Consent Order on Feb. 18. The fine will go into the General Revenue Fund of the...
Feb 16
2016

Carrollton Investment Adviser Suspended

Ronald Eugene Harrison , an investment adviser representative in Carrollton, has been suspended for 90 days and is required to repay a client $5,000, which represents a portion of the commissions he earned in the sale of an investment to the client. Texas Securities Commissioner John Morgan entered...