News Releases

May 27
2020

Commissioner Stops Promoter from Taking a Motorcycle Joyride with Investor Money

Texas Securities Commissioner Travis J. Iles entered an Emergency Cease and Desist Order to stop David Edward Flake, an entertainer from California, from fraudulently raising money from Texans to produce motorcycle movies. According to the order, Flake is soliciting Texans to invest money he will...
May 27
2020

Conroe Adviser Sanctioned for Not Fully Disclosing Risks in Market-Linked CDs

Texas Securities Commissioner Travis J. Iles reprimanded Michael C. De Pippo of Conroe after finding that De Pippo violated his firm’s procedures by failing to fully inform clients about the risks of certificates of deposit whose returns depend on the performance of certain stocks or market indexes...
May 15
2020

Order Seeks to Lower Curtain on Nick Steele & TheCryptoFacts

The alleged cryptocurrency trading scheme perpetrated by Nickolas Steele, aided by his CryptoFacts Facebook page, should be shut down as an immediate danger to Texas residents, according to an Emergency Cease and Desist Order entered May 15. The State Securities Board order targets a cryptocurrency...
May 14
2020

Dallas Adviser Lorintine Fined $10,000 for Charging Performance-Based Fees

Lorintine Capital LP, a Dallas investment adviser, was fined $10,000 for charging performance-based fees to clients whose net worth wasn’t high enough for them to be charged the fees. Lorintine Capital was also reprimanded as part of a Disciplinary Order entered by Texas Securities Commissioner...
May 1
2020

COVID-19 News and Updates

Texas State Securities Board news, investor alerts, and operational updates related to the pandemic are available on our COVID-19 News & Updates page. COVID-19 News & Updates will be reguarly updated and includes: News releases on enforcement actions and other measures being taken to combat...
Apr 28
2020

State Regulators Form COVID-19 Investment Fraud Task Force

The national association for state securities regulators on April 28 announced the formation of the COVID-19 Enforcement Task Force to identify and stop potential threats to investors stemming from the COVID-19 pandemic. The task force will work with the U.S. state and Canadian provincial securities...
Apr 24
2020

Accept No Substitutes: There's Only One Texas State Securities Regulator

UPDATE: U.S. District Judge Lee Yeakel on May 7 granted the federal government’s application for a preliminary injunction in the case. U.S. District Judge Lee Yeakel on April 23 issued a temporary restraining order to shut down the website of an entity that is allegedly pretending to be an Austin...
Apr 17
2020

Order: 'Profit Off Coronavirus' Investment Pitch Is Toxic

Texas Securities Commissioner Travis J. Iles on April 17 entered an emergency action to stop a supposed foreign currency trader from soliciting Texas residents with the claim they can “profit off the coronavirus with forex.” According to the Emergency Cease and Desist Order, Georgia resident Kenzley...
Apr 16
2020

$20 Barrel Oil? West Texas Oilman Promises Profits Even Then

The sharp decline in oil prices has sent the worldwide energy market into a tailspin. But according to a Texas State Securities Board emergency action, West Texas oilman Kenneth Wayne Wooldridge is telling investors he can earn profits at almost any price. According to an Emergency Cease and Desist...
Apr 8
2020

Cryptocurrency Miner Features Fraudulent COVID-19 Charity Sales Pitch

A cryptocurrency mining company is promising to double investors’ money in one year while also claiming to contribute money to UNICEF to “fight COVID-19,” according to an emergency action the Texas State Securities Board took April 8. According to the Emergency Cease and Desist Order, Ultra BTC...