August 2016- Alice, Texas
Michael Anthony Collins pleaded guilty to stock fraud, theft and money laundering and was sentenced to 15 years on each count in Jim Wells County State District Court, according to a release from the Texas State Securities Board (TSSB). The sentences will run concurrently. Follow this link to the indictment.
In addition Collins was ordered to pay $3 million in restitution. Through his company Collins Financial Group, Collins sold ‘investment plans’ from 2012-2015. Investors were led to believe their money would be used to trade stocks, when in fact he was operating a Ponzi scheme, using money from later investors to pay ‘returns’ to early investors to give the impression of a going concern.
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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TollFree: 877-224-3199
Florida-561 391 1900
Texas-512-329-2870
