The mission of the State Securities Board is to protect Texas investors. Consistent with that purpose, the Agency seeks to ensure a free and competitive securities market for Texas, increase investor confidence, and thereby encourage the formation of capital and the creation of new jobs in Texas.
What We Do
The State Securities Board is responsible for regulating the securities industry in Texas. We register securities offered or sold in Texas and oversee the firms and individuals selling securities or providing investment advice to Texans. Through our Investor Education initiative, we help our fellow Texans become informed investors.”
In September 2013, TSSB reported the following actions:
Sami A. London, also known as Sami Asifali Mahomed, pleaded guilty Sept. 11 to one count of securities fraud in Tom Green County state District Court. London was sentenced to 10 years deferred adjudication and ordered to pay a total of $202,000 in restitution to five victims. London solicited investments for an oil and gas drilling project in Falls County, but spent investors’ money on his personal expenses and failed to tell investors about the bankruptcy filing by a previous oil and gas company in which he was a principal. After that company’s bankruptcy London changed his name. London has paid $25,000 in restitution and is required to pay the remainder over the course of his probation.
Leland Alan Dykes of Houston pleaded guilty Sept. 9 to one charge of misapplication of fiduciary property and is scheduled to be sentenced in Harris County state District Court on Nov. 11. Two companies Dykes founded sold approximately $1 million in fraudulent Secured DebtObligations (SDOs). According to the Affidavit for Arrest Warrant in the case, Dykes’ companies falsely claimed the SDOs were backed by international insurers and would pa investors their principal plus interest. Dykes spent investors’ money on unrelated expenses, including $175,017 for house and rent payments and $29,887 in restaurant charges.
A U.S. District Court jury in Dallas on Sept. 4 convicted David Kevin Lewis, also known as “David Shane Lewis” and “DW,” on one count of conspiracy to commit securities fraud and 23 counts of securities fraud. Sentencing is scheduled for Dec. 20. Lewis, who in 2000 was convicted of federal security fraud and conspiracy to commit mail fraud in a case involving oil and gas offerings, was the chairman of Richardson-based Always Consulting Inc. (ACI). Always Consulting, which promoted and sold investments in oil and gas projects, defrauded investors by diverting their money to other ACI projects and by using investor funds to pay personal expenses, including the purchase of real estate. Lewis and other ACI principals were indicted in 2012. State Securities Board enforcement attorneys served as special assistant U.S. attorneys in the prosecution.
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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