Last week, the U.S. District Court for the Northern District of Texas dismissed the Texas securities fraud charges that the Securities and Exchange Commission had filed against billionaire Mark Cuban. The SEC had asked the judge to close the case after deciding not to file an amended complaint against the…
FINRA says NEXT Financial Group Inc. has agreed to a one million dollar fine for its alleged failure to properly supervise a number of client accounts and over 100 office of supervisory jurisdiction (OSJ) branch managers. The managers are in charge of overseeing sales and trading activities for branches and…
The US Securities and Exchange Commission has charged Provident Royalties, LLC, Provident Asset Management LLC, and founders Brendan Coughlin, Paul Melbye, and Henry Harrison with Texas securities fraud over their alleged involvement in a $485 million investment scam. The SEC claims the defendants used the ponzi scheme to defraud thousands…
The U.S. District Court for the Northern District of Texas says it won’t dismiss the securities fraud lawsuit against Frank Cole, the former head of Energytec Inc. The plaintiffs are accusing Cole, Energytec, and others of taking part in a fraudulent oil investment scam that cost investors millions of dollars.…
The US Securities and Exchange Commission and the Commodity Futures Trading Commission are accusing Houston attorney and accountant Daniel Petroski and Texas A & M Professor Robert Watson of using forged bank records to engage in investor fraud. On May 21, the US District Court for the Southern District of…
The U.S. District Court for the Northern District of Texas has issued an order granting the Securities and Exchange Commission’s request for an asset freeze against Excel Lease Fund, Inc. and its owner, Benny L. Judah. Both are accused of being involved in a $40 million Texas securities fraud scheme…
Earlier this month, in U.S. District Court for the Northern District of Texas, ex-Dallas Cowboys football player Michael Kiselak and three other defendants were charge for their alleged involvement in a $24 million investment fraud scheme. The US Securities and Exchange Commission is suing the defendants, which include Kiselak, who…
The US Court of Appeals for the Fifth Circuit is affirming the Securities Exchange Commission’s enforcement action against Southwest Securities broker Scott Gann who is accused of engaging in market timing activities that violated certain funds’ restrictions. The 5th circuit’s decision affirms a lower court’s ruling in favor of the…
The US District Court for the Western District of Texas should confirm an arbitration award for brokerage firm Citigroup Global Markets Holding Inc. against a former employee who failed to pay his promissory note-so says magistrate judge Nancy Stein Nowak. Nowak argued before the Texas court that even if “equitable…
This month, the U.S. District Court for the Northern District of Texas put forth an order freezing the assets of Weizhen Tang, his hedge fund Oversea Chinese Fund LP, a number of related entities, and an investment adviser. The move comes after the Securities and Exchange Commission accused Tang and…