Category Archives: Tejas Securities Group

Tejas Securities Group, Austin, TX, Expelled by FINRA

November 20 , 2014-Austin, Texas

FINRA expelled Tejas Securities Group of Austin, TX on November 20, 2014 for failure to pay fines and/or costs pursuant to FINRA Rule 8320.

The Financial Industry Regulatory Authority (FINRA) publishes disciplinary actions involving stockbrokers and stock brokerage firms on a monthly and quarterly basis. That site may be accessed here. 

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

John Gorman Loses Battle for Control of Tejas Securities Group

By Robert H. Rex, Esq.

On May 30,2014 Bloomberg News reported that John Gorman IV lost his attempt to regain control of Tejas Securities Group, an Austin based broker dealer that he co-founded. Link to Bloomberg story. Tejas Securities Group is a distressed-debt broker with offices in Austin and New york and grosses about $20 million a year. 
 
The case was pending in Delaware Chancery Court and Judge John Noble ruled that Gorman violated an agreement by installing a slate of directors on the board of the parent company and improperly removing an existing board member. In his ruling Judge Noble found that the seven member board now only has 4 validly elected directors, including Gorman, and that Gorman had acted in accordance with the voting-rights agreement by ousting one director and naming an ally as a replacement. 
 
This presently leaves the board deadlocked, according to Bloomberg. It’s CEO Gary Salamone and Mike Dura are on one side and Gorman and his ally T.J. Ford on the other. Ford is a retired NBA player  who played for the Milwaukee Bucks, Toronto Raptors, Indiana Pacers and the San Antonio Spurs during an 8 year career.
 
Gorman is controlling shareholder of Westech Capital Corp. , the holding company that owns Tejas Securities and has many options available to him, according to the article.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870