News Releases

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...
Jun 29

Raymond James to Pay $293,595 to State Of Texas to Settle Auction Rate Securities Investigation

Securities Commissioner Benette L. Zivley announced today that Raymond James Financial Services Inc. and Raymond James & Associates Inc. will pay a $293,595 fine to the State of Texas to settle claims the companies failed to disclose the risks of auction rate securities. As a result of the...
Jun 8

Keep Financial Preparedness in Mind as Hurricane Season Starts

As hurricane season begins, the Texas State Securities Board urges Texans to take steps now to protect their household finances in the event of a disaster. "It's important to organize and protect your financial records under ordinary circumstances, but Texans living along the Gulf Coast and other...
May 26

Central Texas Man Who Stole From Investment Clients Sentenced To 25 Years

A Limestone County jury today sentenced Reginald Lee Clark to 25 years in state prison after convicting him of stealing more than $400,000 from clients of his investment advisory business. The 12-member jury convicted Clark on a charge of theft on May 25. Clark was not registered to sell securities...
May 16

Commissioner Issues Order Against Company Targeting Laid-Off And Retired Teachers

Securities Commissioner Benette L. Zivley on May 13, 2011, entered an Emergency Cease and Desist Order against a North Texas company and its affiliate, alleging the fraudulent sale and marketing of oil and gas interests to teachers and other school district employees. Insignia Energy Group Inc. and...
May 12

Investors in Court-Controlled Life Settlements Company Could Receive Partial Return of Money this Year

The court-appointed receiver in control of Retirement Value LLC, a New Braunfels life-settlement investment company shut down after an investigation by state regulators, will recommend that investors in the company receive $7.7 million in initial payments later this year. The distribution would...
Apr 26

North Texas Man Sentenced to 25 Years in Oil Field Scam

Chad Michael Hays of McKinney, who was convicted of fraud and 16 other charges in connection with the sale of nearly $400,000 in fraudulent oil and gas investments, was sentenced to 25 years in state prison on April 25 in Hunt County state district court. A Hunt County jury last week convicted Hays...
Mar 10

State Securities Regulators Mark 100 Years of Investor Protection

State securities regulators throughout the United States are marking the 100th anniversary of the nation's first state securities law, which went into effect in Kansas on March 10, 1911. Texas enacted its first securities statute in 1913. "For 100 years, state securities regulators have served on...