{"id":4810,"date":"2017-11-18T21:09:22","date_gmt":"2017-11-19T03:09:22","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=4709"},"modified":"2022-03-22T15:10:17","modified_gmt":"2022-03-22T20:10:17","slug":"texas-securities-investment-adviser-suspended-state-commissioner-lawyer-ordered-pay-almost-180k-disgorgement-plus-interest-houston-man-must-pay-almost-3-8m-serve-46-months-prison","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/texas-securities-investment-adviser-suspended-state-commissioner-lawyer-ordered-pay-almost-180k-disgorgement-plus-interest-houston-man-must-pay-almost-3-8m-serve-46-months-prison\/","title":{"rendered":"Texas Securities: Investment Adviser Suspended by State Commissioner, Lawyer Ordered to Pay Almost $180K in Disgorgement Plus Interest, and Houston Man Must Pay Almost $3.8M &#038; Serve 46 Months in Prison for $6.4M Diamond Investment Scam"},"content":{"rendered":"<p>\t\t\t\t<strong>Texas Investment Adviser Suspend for Violating Earlier Securities Agreement<\/strong><br \/>\nThe Texas State Securities Board has suspended investment adviser John Michael McDonough for 90 days after he violated a past agreement that limited his business activities and required 212 Advisory Group to enhance its supervision of him. The undertaking agreement was a requirement for him to be approved as a registered investment adviser in Texas in 2015 while he worked with the Georgia-based firm.<\/p>\n<p>At the time, the Financial Industry Regulatory Authority had already sanctioned McDonough, who used to be registered with AXA Advisors, LLC, over allegations that he engaged in \u201coutside business activities\u201d and a number of undisclosed private securities transactions.  He was fined $10K and suspended by the self-regulatory organization.<\/p>\n<p>Earlier this year, the Texas State Securities Board found that McDonough was in total violation of the undertaking agreement. Meantime, 212 Advisory was found to have failed in making sure that McDonough did not engage in any supervisory-like acts nor did it ensure that a firm principal was appointed as his direct supervisor.<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/texas-securities-investment-adviser-suspended-state-commissioner-lawyer-ordered-pay-almost-180k-disgorgement-plus-interest-houston-man-must-pay-almost-3-8m-serve-46-months-prison\/#more-4810\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Texas Investment Adviser Suspend for Violating Earlier Securities Agreement The Texas State Securities Board has suspended investment adviser John Michael McDonough for 90 days after he violated a past agreement that limited his business activities and required 212 Advisory Group to enhance its supervision of him. The undertaking agreement was a requirement for him to [&hellip;]<\/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":[3781,3738,3801,3760,3750],"tags":[],"class_list":["post-4810","post","type-post","status-publish","format-standard","hentry","category-investment-advisers","category-investor-fraud","category-sec","category-sec-enforcement","category-texas-securities-fraud"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Texas Securities: Investment Adviser Suspended by State Commissioner, Lawyer Ordered to Pay Almost $180K in Disgorgement Plus Interest, and Houston Man Must Pay Almost $3.8M &amp; Serve 46 Months in Prison for $6.4M Diamond Investment Scam &#8212; Investor Lawyers Blog &#8212; November 18, 2017<\/title>\n<meta name=\"description\" content=\"Texas Investment Adviser Suspend for Violating Earlier Securities Agreement The Texas State Securities Board has suspended investment adviser John Michael &#8212; 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November 18, 2017\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Texas Securities: Investment Adviser Suspended by State Commissioner, Lawyer Ordered to Pay Almost $180K in Disgorgement Plus Interest, and Houston Man Must Pay Almost $3.8M & Serve 46 Months in Prison for $6.4M Diamond Investment Scam &#8212; Investor Lawyers Blog &#8212; November 18, 2017","description":"Texas Investment Adviser Suspend for Violating Earlier Securities Agreement The Texas State Securities Board has suspended investment adviser John Michael &#8212; November 18, 2017","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/texas-securities-investment-adviser-suspended-state-commissioner-lawyer-ordered-pay-almost-180k-disgorgement-plus-interest-houston-man-must-pay-almost-3-8m-serve-46-months-prison\/","twitter_card":"summary_large_image","twitter_title":"Texas Securities: Investment Adviser Suspended by State Commissioner, Lawyer Ordered to Pay Almost $180K in Disgorgement Plus Interest, and Houston Man Must Pay Almost $3.8M & Serve 46 Months in Prison for $6.4M Diamond Investment Scam &#8212; 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