News Releases

Sep 22
2015

Investor Alert: Seniors Remain Top Target for Fraud

The North American Securities Administrators Association (NASAA) reported that senior investors continue to be a primary target for fraudulent investment pitches. In its 2015 Enforcement Report on 2014 Data , released Sept. 22, NASAA, based in Washington, D.C., reported that affinity fraud and...
Sep 9
2015

He Ain't Heavy, He's My Co-Defendant: Brothers Indicted in Forex Fraud

Rodney Lee Wagner and Roger Harvey Wagner, who promised investors huge profits through foreign currency trading, were indicted Sept. 9 in the U.S. District Court for the Eastern District of Texas on one count each of conspiracy to commit wire fraud and three counts each of wire fraud.

Sep 4
2015

Securities Dealer Fined for Role in Sales of 'Alternatives'

WFG Investments Inc. of Dallas was reprimanded and fined $175,000 for failing to determine whether the sales of alternative investments exposed clients to excessive risk. The Disciplinary Order , entered Sept. 3 by Securities Commissioner John Morgan, found that WFG violated the supervisory...
Sep 4
2015

Former Corpus Christi Adviser Sentenced to 7 Years, Ordered to Pay $500,000 Restitution

Kenneth Wayne Graves , a former investment adviser in Corpus Christi whose registration had been revoked by the Securities Commissioner, was sentenced to concurrent seven-year state prison terms Sept. 3 and ordered to pay $517,158 in restitution. Graves entered his pleas in Corpus Christi State...
Sep 1
2015

Fees Reduced for Dealers, Investment Advisers

The Texas State Securities Board last week voted to decrease registration fees for securities dealers, investment advisers and their agents and representatives, effective Sept. 1...

Aug 18
2015

Citigroup Fined, Reprimanded for Registration Violations

Texas Securities Commissioner John Morgan entered a Consent Order Aug. 18 which found that Citigroup Global Markets Inc. failed to monitor the registration status of sales assistants, some of whom accepted client orders without being appropriately licensed. Citigroup was reprimanded and ordered to...
Jul 28
2015

TD Ameritrade Fined $300,000 for Violations Related to Notification to Customers

TD Ameritrade Inc. on July 27 agreed to pay a $300,000 fine to the State of Texas for failing to enforce procedures related to notification of wire transfers from certain customer accounts. Ameritrade provides brokerage services to retail investors through its Retail division as well as through its...
Jun 25
2015

San Antonio Oil and Gas Promoter Hit With Emergency Order

Securities Commissioner John Morgan entered an Emergency Cease and Desist Order June 22 against Petro-San Resources LLC and Sean Patrick Riley of San Antonio. The order alleges that Petro-San and Riley are offering to sell unregistered oil and gas investments in a Caldwell County drilling program...
Jun 16
2015

Former Corpus Christi Adviser Indicted in Half-Million Dollar Investment Fraud

Kenneth Wayne Graves, a former investment adviser representative in Corpus Christi whose license to sell securities was revoked last year by the Texas Securities Commissioner, has been indicted in Nueces County on fraud and other charges related to the sale of investment contracts to his clients and...
Apr 8
2015

Investor Alert: Confusion Over Fees to Brokerages

New research from the North American Securities Administrators Association (NASAA) finds investors are confused when it comes to the fees charged by brokerage firms to service and maintain their accounts. "Greater transparency and improved disclosure would allow investors to quickly and easily...