News Releases

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...
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...