Archive for the ‘Texas’ Category

Where Is Your Money?

Monday, December 29th, 2008

The Securities and Exchange Commission (SEC) has filed a civil action against Star Explorations, Inc. and its principal, James T. Gurgainers, for allegedly conducting a fraudulent oil and gas scam.  According to the SEC, Gurgainers raised over $12 million from over 160 investors between December 2005 and May 2008. (more…)

SEC Halts Foreign Currency Futures Scam

Sunday, August 31st, 2008

The SEC has charged Patrick H. Haxton of Carrollton, Texas, and his company Royal Forex Management, LLC with securities fraud.  Specifically, the Commission claims that Haxton solicited investments by telling people that he had generated historical returns on foreign currency trading of 400% to 500% per year.  The fund actually lost money, and Haxton misappropriated what was left to his personal use.  The Commission alleges that some of the investments were never used to trade currency but instead went right into Haxton’s pocket.  (more…)

SEC Gets Emergency Order to Preserve Assets in a Case Alleging Fraud Against Seniors

Tuesday, July 1st, 2008

The SEC has obtained an emergency order to freeze the assets of defendants accused of defrauding senior citizens through the sale of securities called Secured Debt Obligations (SDOs).  The case involves a Texas-based broker-dealer - W Financial Group - and its principals.  According to the SEC’s complaint in the case: (more…)

You Can Pick Your Broker, But You Can’t Pick His Friends

Wednesday, April 2nd, 2008

The Securities and Exchange Commission (SEC) has charged Gary L. McDuff (McDuff), Gary L. Lancaster (Lancaster), and Robert T. Reese (Reese), with securities fraud in connection with fraudulent sales of the Lancorp Financial Fund Business Trust (Lancorp Fund).  Specifically, the SEC alleges that Lancaster created the Lancorp Fund at McDuff’s direction, that the two then created a misleading Private Placement Memorandum (PPM) for the Fund, and that, joined by Lancaster, they raised more than $11 million from more than 100 investors using that misleading PPM.  Rather than invest that money as allowed by the PPM, the SEC alleges that the defendants invested $9 million of the money in a Ponzi scheme, paid Reese undisclosed commissions on the sales, and paid Lancaster a management fee greater than that disclosed in the PPM.  (more…)

Montana Operates Texas Ponzi

Tuesday, January 29th, 2008

According to federal prosecutors in the Southern District of Texas, Mark Montana ran a Ponzi scheme for five years, from 1999 to 2004, ultimately netting more than $10 million.  Operating through a company called M&M Financial, Montana used money from later marks to pay off earlier marks in classic Ponzi fashion.  (more…)

SEC Halts Another Fraudulent Unregistered Offering

Friday, December 28th, 2007

The Securities and Exchange Commission (SEC) has charged Navigators International Management Co., Ltd. (Navigators), James R. Spurger and Benjamin W. Young, Jr. with securities fraud, conducting unregistered securities offerings, and acting as unregistered broker-dealers.  Navigators is a Bahamian company run by Spurger and Young.  Spurger lives in the Houston area, while Young is a U.S. citizen living in El Salvador. (more…)




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