October 2016- Spring, Texas
The Texas State Securities Board (TSSB) sanctioned Old Security Financial Group, Inc. of Spring, Texas, fining the company $100,000 for selling unregistered investments in a mortgage note program that was supposedly backed by commercial real estate. The subject investments were First Position Commercial Note Program issued by the Woodbridge Mortgage Investment Fund 3 LLC, which lists offices in California and Florida.
The fine was also assessed against owner and president Donald A. MacKenzie and vice president Robert S. Davis, Jr. , both of Pflugerville, Texas. The TSSB ordered that they cease selling interests in the note program until it is properly registered in Texas or sold from an exemption from registration.
According to the TSSB order, neither MacKenzie, Davis, nor Old Security Financial Group was registered to sell securities in Texas.
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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