{"id":1444,"date":"2014-05-08T19:07:03","date_gmt":"2014-05-08T19:07:03","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/05\/state_senator_reprimanded_for"},"modified":"2022-03-11T10:18:23","modified_gmt":"2022-03-11T16:18:23","slug":"state-senator-reprimanded-for","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/state-senator-reprimanded-for\/","title":{"rendered":"State Senator Reprimanded For Violating the Texas Securities Act"},"content":{"rendered":"

\t\t\t\tThe Texas State Securities Board has reprimanded Senator Ken Paxton and ordered him pay a $1,000 fine for soliciting investment clients even though he wasn’t properly registered. According to the board’s disciplinary order, Paxton, who is running for state attorney general, violated the Texas Securities Act. Under the Act’s Section 12.B, a person cannot act as an investment adviser representative unless he\/she is registered as one for that investment adviser in particular.<\/p>\n

The Texas Tribune <\/em>reports that Paxton started working as a solicitor for companies belonging to Fritz Mowery in 2001. On three occasions, in 2004, 2005, and 2012, he took part in unregistered solicitations and referred the customers to Mowery Capital Management, LLC. The fine is for the last incident, which occurred within the last five years. (One of the incidents led to a Texas securities fraud case<\/a> in 2009 when investors Teri and David Goettsche sued Paxton and Mowery for breach of duty. <\/p>\n

In their Texas investment fraud case<\/a>, the Goettsches claimed that Paxton recommended they invest with Mowery while failing to mention that he would get a 30% commission for the referral. The couple later dropped the securities lawsuit.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Texas State Securities Board has reprimanded Senator Ken Paxton and ordered him pay a $1,000 fine for soliciting investment clients even though he wasn’t properly registered. According to the board’s disciplinary order, Paxton, who is running for state attorney general, violated the Texas Securities Act. Under the Act’s Section 12.B, a person cannot act […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3781,3750],"tags":[],"class_list":["post-1444","post","type-post","status-publish","format-standard","hentry","category-investment-advisers","category-texas-securities-fraud"],"yoast_head":"\nState Senator Reprimanded For Violating the Texas Securities Act — Investor Lawyers Blog — May 8, 2014<\/title>\n<meta name=\"description\" content=\"The Texas State Securities Board has reprimanded Senator Ken Paxton and ordered him pay a $1,000 fine for soliciting investment clients even though he — May 8, 2014\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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