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Red Oak Blog

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Sunday, February 4 2018

Texas State Securities Board 2017: By the Numbers

Now that 2017 has passed, let’s look at some of the enforcement numbers released by the State Securities Board.

19 – The number of individuals prosecuted in investment fraud cases. These cases resulted in 77 years of prison sentences, 58 years community supervision and restitution orders totaling $44.8 million.

12 and 3 – The respective counties and federal jurisdictions worked with prosecutors and law enforcement by the State Securities Board.

1 – Texas became the first state securities regulator to issue an administrative order against a company selling investments tied to a cryptocurrency.

3 – Notable cases worked by State Securities Board attorneys:

  • James Elton “Jim” Warr – Sentenced in Travis County to 15 years in prison for stealing $1.1 million from individuals who bought real estate notes offered by his company.
  • David Rosen – 10 years in prison for defrauding individuals who bought investments in his concert-promotion business.
  • Mark Christopher Parman – Six years in prison for spending investors’ money, from selling oil and gas interests, on his and his wife’s personal expenses.

16 – Administrative orders entered in 2017.

6 – Number of suspensions imposed by administrative orders. These suspensions totaled 405 days.

$59,500 – Amount paid by individuals and firms for fines imposed in nine separate actions.

Interested in the complete news release? You can check it out here.

As always, if you have any questions or concerns, let us know, we are here to help.