An El Paso man accused of running a Texas Ponzi scheme may in fact be a man who was convicted of fraud in Maryland more than 10 years ago. Scott Lindemann is now charged with wire fraud for allegedly defrauding at least 25 investors of $2 million. Prosecutors say that…
The Financial Industry Regulatory Authority is barring a former Citigroup broker from membership. The sanction comes following allegations of Texas securities fraud. According to the findings, Jose Luis Vinas converted about $3.3 million from customers while he served as a registered representative for both UBS Securities and Citigroup. The clients…
David Salinas, a well-known University of Houston and Rice athletics benefactor, was found dead in his home over the weekend. The Galveston County medical examiner’s office is calling the 60-year-old’s death a suicide. Salinas’ death comes amidst allegations of Texas securities fraud, including his suspected involvement in a Ponzi scam…
According to Ex-Texas State Securities Board Denise Voigt Crawford, giving oversight of nearly 12,000 investment advisers to the Financial Industry Regulatory Authority to cut costs is a bad idea and one for which investors will end up paying the price. FINRA is Wall Street’s self-funded regulator. Already charged with overseeing…
Brokers Kris Bradford Rhoden and Jimmy Wayne Freeman Jr. are accused of Texas securities fraud and of bilking investors of millions. The two registered representatives allegedly took part in the improper sale of life settlement notes. They are also accused of lying to their employer, PlanMember Securities Corp, about the…
According to the US Attorney for the Western District of Missouri Beth Phillips,two ministers, a Waco, Texas minister and the other from Kansas City, Kansas, have pleaded guilty to participating in a $7.2M security fraud scheme that caused thousands of investors in Canada and the US to sustain losses. The…
The owner of “Alpha One” has been convicted of Texas securities fraud for defrauding investors of millions of dollars. Robert David Watson, 50, pleaded guilty to the charge yesterday. Watson admits that between 2003 and 2009, he employed deceptive and manipulative devices and contrivances related to the sale and purchase…
In Houston, a FINRA arbitration panel has awarded Boushy North Investments, Ltd. $500,000 in its securities arbitration case against Penson Financial Services, Inc. Boushy North Investments had initially sought $4M in punitive damages and more than $3.8M in compensatory damages for negligence, unauthorized trading, breach of fiduciary duty, and gross…
The U.S. District Court for the Southern District of Texas has ruled that Credit Suisse Securities shouldn’t have to pay Luby’s Restaurants another $186,000 as part of its arbitration to the investor. The case is Luby’s Restaurants LP v. Credit Suisse Securities (USA) LLC. Shepherd Smith Edwards and Kantas Founder…
According to the Texas State Securities Board, Insignia Energy Group Inc. and its affiliate IEG Permian Basin LLC have violated state law because they are not registered to sell Texas securities. The Texas Securities Commissioner, which is accusing the Dallas-area emergency company of targeting laid-off teachers in the fraudulent sale…