{"id":690,"date":"2010-05-10T20:13:43","date_gmt":"2010-05-10T20:13:43","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2010\/05\/new_braunfels_firm_accused_of"},"modified":"2022-03-09T16:00:21","modified_gmt":"2022-03-09T22:00:21","slug":"new-braunfels-firm-accused-of","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/new-braunfels-firm-accused-of\/","title":{"rendered":"New Braunfels Firm Accused of Texas Securities Fraud In Sales of Viatical (Insurance) Investments"},"content":{"rendered":"

\t\t\t\tState District Court Judge Stephen Yelenosky has frozen the assets of Retirement Value LLC and appointed a receiver to take control of the New Braunfels company, which faces allegations of Texas securities fraud<\/a> related to the sale of investments linked to death benefits from life insurance policies. The Texas State Securities Board, which has been conducting an undercover investigation into the company, requested the court order against the investment firm. <\/p>\n

Retirement Value, its President Richard “Dick” Gray, and Chief Operating Officer Bruce Collins are defendants in the court action. According to the securities board, between April 2009 and February 2010 the company allegedly collected $65 million from more than 800 investors. The securities board also claims that investment firm told investors that the expected rate of return would be 16.5% payable upon maturity.<\/p>\n

The claim contends that from the $65 million that the Retirement Value received from investors, $9.3 million was paid in commissions to unregistered sales agents. Meantime, Retirement Value, Gray and other principals in the company retained $8.4 million. Only $20.2 million was used to acquire the interests in the life insurance policies, while another third was set aside to acquire additional policies.<\/p>\n

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

State District Court Judge Stephen Yelenosky has frozen the assets of Retirement Value LLC and appointed a receiver to take control of the New Braunfels company, which faces allegations of Texas securities fraud related to the sale of investments linked to death benefits from life insurance policies. The Texas State Securities Board, which has been […]<\/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":[3750,3841],"tags":[],"class_list":["post-690","post","type-post","status-publish","format-standard","hentry","category-texas-securities-fraud","category-viaticals"],"yoast_head":"\nNew Braunfels Firm Accused of Texas Securities Fraud In Sales of Viatical (Insurance) Investments — Investor Lawyers Blog — May 10, 2010<\/title>\n<meta name=\"description\" content=\"State District Court Judge Stephen Yelenosky has frozen the assets of Retirement Value LLC and appointed a receiver to take control of the New Braunfels — May 10, 2010\" \/>\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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