News Releases

Feb 1

Investor Alert: Chasing Yield

Following the Federal Reserve's announcement that interest rates are expected to remain at exceptionally low levels until at least late 2014, the Texas State Securities Board cautions investors to beware of risky or outright fraudulent investments promising higher yield or returns. "Investors who...
Dec 22

BNY Mellon Settles with Texas Over Probe into Rigged Bond Bidding

BNY Mellon Capital Markets LLC will pay $1.3 million to Texas and two other states for its role in a scheme to lower borrowing costs for Citizens Property Insurance Corp. of Florida. Texas' $500,000 share of the settlement goes to the state's general revenue fund. According to a Dec. 21 Consent...
Dec 14

John Morgan Named New Texas Securities Commissioner

The Texas State Securities Board today welcomed back John Morgan, naming him the new Texas Securities Commissioner. Morgan had served as Deputy Commissioner for 14 years before retiring from state employment in February. Morgan's 27 .5 years of experience at the Agency includes 13 years in the...
Oct 21

Central Texas Man Indicted in Oil and Gas Fraud Targeting Elderly Investors

A Hays County grand jury has indicted Robbie Dale Walker of Dripping Springs on one count of theft of more than $200,000 in connection with an alleged oil and gas scam involving elderly investors. The indictment was issued Oct. 12 and unsealed Oct. 21. Walker was arrested June 29 on a charge of...
Oct 17

Defrauded Investors in Austin Company Due to Receive Some Funds Back

Investors in the Warr Investment Group LLC of Austin, which the State Securities Board forced into receivership earlier this year, will receive nearly one-third of their money back, with the potential for additional payments. A State Securities Board investigation of Warr Investment Group and its...
Sep 23

Securities Commissioner Warns About the Risk of Fraud in Self-Directed Retirement Accounts

Securities Commissioner Benette L. Zivley today warned that promoters of fraudulent investments are using self-directed Individual Retirement Accounts to give credibility to their schemes and attract victims. While self-directed IRAs can be a safe way to invest retirement funds, Zivley said...
Sep 7

Securities Commissioner Warns of Dangers in Social Media, Online Marketing

The rise in popularity of Facebook, YouTube, Twitter, LinkedIn, and myriad other websites and online networks have given con artists a new way to peddle fraudulent investment scams, Securities Commissioner Benette L. Zivley warns investors. "Today, crooks are increasingly logging on to find...
Aug 23

Investor Alert: How Con Artists Target Investors Rattled by Economy, Volatile Markets

The Texas State Securities Board today released its annual list of dangerous financial products and practices, many of which seek to exploit investors' concerns about the current economic downturn and volatile stock markets. "Con artists follow the news and seek ways to exploit the headlines to...
Aug 1

Adviser Who Sold Millions of Dollars in Non-Existent Bonds Faces Revocation of Registration

The Inspections & Compliance Division of the State Securities Board has requested that Houston investment adviser Brian Anthony Bjork and his firm, Select Asset Management LLC (SAM), have their state registrations revoked. Bjork and Select Asset sold millions of dollars worth of non-existent...
Jul 29

Securities Commissioner Sues Life Partners for Refusing to Comply with Subpoenas in 'Death-Benefits' Probe

Securities Commissioner Benette L. Zivley sued Waco-based Life Partners Holdings Inc. and its founder and CEO, Brian Pardo, for refusing to comply with subpoenas from the State Securities Board. The Application to Enforce Subpoenas , filed late Thursday in Travis County state district court, marks...