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Articles Posted in Texas Securities Fraud

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Expanded Texas Securities Case Indicts Six in Multimillion Dollar Pump-and-Dump Scam

In a second superseding indictment to an ongoing Texas securities fraud probe, the US Attorney’s Office for the Southern District of Texas has brought criminal charges again against several people accused in an alleged multimillion dollar pump-and-dump scam. This latest indictment expands on the original criminal charges, which involved Chimera…

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Two More Texans Plead Guilty in $6.5M Diamond Investment Scam

Jay Bruce Heimburger, a Dallas man, has pleaded guilty to mail fraud over his involvement in a $6.4M investment scam that allegedly took place from about March 2011 to November 2013. He faces up to more than 20 years in prison, has to pay a $250K fine, and could be…

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Houston Adviser Pleads Guilty to $1.9M Texas Financial Fraud

Lawrence Allan DeShetler is facing up to 20 years in prison for Texas investment adviser fraud. The Houston-based financial adviser pleaded guilty to mail fraud last month. DeShetler fraudulently obtained $1.9M from clients he worked for through DeShetler & Company Inc. Three years ago, he started recommending that they take…

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Dallas Cowboys Player Files Texas Securities Fraud Case Against Ameriprise

Nearly a year after suing his former financial adviser for allegedly misappropriating $15M from him, Dallas Cowboys running back Darren McFadden is now suing Ameriprise Financial (AMP) over his investment losses. In his Texas securities fraud case, McFadden claims that the firm was negligent in supervising Michael Vick. The broker…

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SEC Stops $22M Texas-Based Securities Scam

In federal court in Sherman, TX, the US Securities and Exchange Commission has filed an emergency action to halt a $22.7M mortgage investment scam involving Thurman P. Bryant, III and his Bryant United Capital Funding, Inc. According to the regulator’s complaint, Bryant and his firm raised about $22.7M from about…

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Texas Securities Fraud Cases by Investment Promoters Lead to Civil and Criminal Charges

Two investment promoters are accused of running an advance fee scheme from what they claimed was a Dallas-based investment advisory firm. According to an Emergency Cease and Desist Order entered by the Texas Securities Commission, the Mark Diaz and Raymond Hill offered to buy investors’ stock under the condition that…

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Securities Cases: Verto Capital Settles Life Settlement Charges, Couple File Broker Fraud Claim Against NY Life Securities, JCPenny to Settle Texas Class Action Lawsuit for $97.M, & Cetera Admits to Charging Investors More For Mutual Funds

Financial Firm and Its CEO Settle Life Settlement Fraud Charges The US Securities and Exchange Commission announced that Verto Capital Management and its CEO William Schantz III have settled civil charges accusing them of running a Ponzi-like scam involving life settlements. As part of the settlement, Verto Capital and Schantz…

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Securities Cases: Texas Woman Accused of Bilking 35 Investors, Ex-NJ Investment Adviser is Found Guilty of Fraud, and Insurance Agent Pleads Guilty in $8.2M Promissory Note Scam

Grand Jury Indicts Texas Woman in $1M Ponzi Scam A federal grand jury has indicted Nemelee Liwanag Jiao on two wire fraud counts for allegedly running a Texas Ponzi scam that cost investors over $1M. At least 35 investors were bilked. According to the indictment, Jiao, a Texas resident, had…

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SEC Charges Texas Oil and Gas Promoter With Securities Fraud

The US Securities and Exchange Commission is charging Matthew Fox and his Wayne Energy LLC with securities fraud. The regulator brought its Texas securities case in federal district court in the city of Sherman. According to the Commission’s complaint, Fox raised about $950K for a joint venture that was supposedly…

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Austin Oil and Gas Financiers Plead Guilty in Texas-Based Securities Fraud Case

Business partners Janniece Kaelin and Robert Allen Helms have pleaded guilty to bilking investors of up to $20M in a Texas-based Ponzi scam. The oil and gas financiers used the funds raised for energy ventures to cover their own expenses from 1/2010 to 12/2013. The US Securities and Exchange Commission…

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