{"id":970,"date":"2011-11-05T18:02:37","date_gmt":"2011-11-05T18:02:37","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2011\/11\/texas_securities_fraud_sec_mov"},"modified":"2022-09-19T09:54:00","modified_gmt":"2022-09-19T14:54:00","slug":"texas-securities-fraud-sec-mov","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/texas-securities-fraud-sec-mov\/","title":{"rendered":"Texas Securities Fraud: SEC Moves to Freeze Assets of Stewardship Fund LP"},"content":{"rendered":"

\t\t\t\tThe SEC has gotten emergency order to freeze the assets of James G. “Jay” Temme and Stewardship Fund LP, which he owns. Both are accused of Texas securities fraud<\/a>, including making false statements to investors that their money was being used to purchase and restructure pools of home mortgages that weren’t performing.<\/p>\n

Since 2008, Temme, a Texas resident, and his company allegedly obtained at least $35M from investor groups. At least 31 entities and individual investors were involved in about 16 partnerships. Investors were those who had obtained interests in limited partnerships purportedly set up to invest in non-performing residential mortgages and real properties. Temme allegedly gained their trust by cultivating relationships with others that would vouch for him. <\/p>\n

The SEC says that Temme would tell investors that the money was going toward buying “tapes” of nonperforming mortgages. The nonperforming mortgages were then supposed to be turned into performing loans. The buys were supposedly obtained at a discount and returns were to be either determined by principal plus interest payments from homeowners or from the reselling of the underlying properties or mortgages.<\/p>\n

Unfortunately, contends the Commission, some of the mortgages that Temme claimed to own were not his. He allegedly generated false documents, issued financial transactions that were not authorized, used the money of new investors to pay off those that had invested earlier, and falsely promised certain investor groups that loans were bought on their behalf. He and Stewardship have also been accused of telling investors that the money that was used to compensate other investors instead going into the purchase of certain properties or mortgages.<\/p>\n

Previous attempts to freeze Temme’s assets in the past were reportedly disregarded by him, and he would set up other bank accounts and seek funds from other investors even as others filed securities fraud cases against him. Allegations against Temme and Stewardship include failure to pay promised returns, not properly advising investors about their investments, misappropriating of investor funds, and misrepresenting how the investment proceeds were to used. <\/p>\n

The SEC is charging Securities Exchange Act of 1934 and Securities Act of 1933 antifraud provisions. It is seeking:<\/p>\n

\u2022\tPreliminary injunction \u2022\tFinal judgment that includes the permanent enjoining from future violations of the federal securities laws \u2022\tFinancial penalties \u2022\tDisgorgement of ill-gotten gains
\n\u2022\tPrejudgment interest
\nRead the SEC Complaint<\/a><\/p>\n

SEC Wins Asset Freeze in Alleged Mortgage Restructuring Scheme, Bloomberg, October 18, 2011 <\/p>\n

More Blog Posts:<\/strong>
\nMoney Laundering Charges Filed Against of Houston Criminal Defense Lawyer Accused of Defrauding Defendants of Over $1M<\/a>, Stockbroker Fraud Blog, October 28, 2011
\nHouston Judge Overturns $9.2M Securities Fraud Ruling Against Morgan Keegan, Stockbroker Fraud Blog, October 11, 2011
\nDallas Mavericks Owner Mark Cuban’s Allegations of Misconduct Against the SEC Enforcement Staff are Without Merit, Says Inspector General’s Report<\/a>, Stockbroker Fraud Blog, October 18, 2011 Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The SEC has gotten emergency order to freeze the assets of James G. “Jay” Temme and Stewardship Fund LP, which he owns. Both are accused of Texas securities fraud, including making false statements to investors that their money was being used to purchase and restructure pools of home mortgages that weren’t performing. Since 2008, Temme, […]<\/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],"tags":[],"class_list":["post-970","post","type-post","status-publish","format-standard","hentry","category-texas-securities-fraud"],"yoast_head":"\nTexas Securities Fraud: SEC Moves to Freeze Assets of Stewardship Fund LP — Investor Lawyers Blog — November 5, 2011<\/title>\n<meta name=\"description\" content=\"The SEC has gotten emergency order to freeze the assets of James G. 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