Nicholas Baratoff Jr. was indicted on May 26 in Nueces County State District Court on two counts of misapplication of fiduciary property and one count of theft.
Baratoff operated an investment fraud in Nueces County from 2008 to 2015, according to the indictment. He allegedly sold investments tied to oil and gas projects and other business ventures.
Baratoff was registered as a securities agent from 1985 through 1993, operating in New York.
Attorneys with the Enforcement Division of the Texas State Securities Board have appointed to prosecute the case with the Nueces County District Attorney's Office.