Nov 7
2013
2013
Richard Hicks of Tyler pleaded guilty pleaded guilty to securities fraud Nov. 7 in Smith County State District Court and was placed on 10 years adjudication. He was also ordered to pay $243,687 in restitution to 10 victims.
Smith had been indicted on a charge of securities fraud. Hicks, who operated Elderly Advisory Services LLC, sold promissory notes issued by National Note of Utah LLC, a company which the Securities and Exchange Commission has charged is a $100 million real estate-based Ponzi scheme. Hicks failed to tell investors he has never been registered to sell securities in Texas, nor did he disclose that some of his previous investors in National Note products did not receive any of their principal back.