December 10, 2015 Austin, Texas
John Morgan, Securities Commissioner of the Texas State Securities Board (TSSB) issued a disciplinary order suspending investment adviser Marvin M Slater of Dallas, TX, for 90 days for the sale of promissory notes issued by Verto Capital Management that he claimed were backed by life settlements.
The TSSB concluded that Slater was not registered with the Securities Commissioner as a dealer or as an agent of a registered dealer when he sold the Verto notes in violation of Section 12A of the Texas Securities Act.
“Just because someone is registered as an investment adviser doesn’t mean he or she can sell securities for a commission,” Commissioner Morgan said. “There are distinctions between the duties owed to clients by dealers and investment advisers. A key reason is the expectation that an investment adviser will not benefit financially from a client’s investment in a specific product.”
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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