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.
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