The Texas State Securities Board publishes a biweekly roundup of regulatory news and investor education information. The October 24, 2013 edition included the following:
HUNT COUNTY SENIOR CITIZEN SCAM-GREENWAY ENERGY PARTNERS
A phony biodiesel plant in Hunt County resulted in the conviction and sentencing of Casey Ray Vanioon, Ricky Ray Knowles and John David Riddle in Colin County. They were ordered to pay over $580,000 in restitution to the victims, most of whom were senior citizens.
Investors were promised returns of 33% for five years, however no plant was ever built. More than $800,000 was raised by the fraudulent activity. Kenneth Paul Lawrence of Allen and Ronnie Gene Nichols, Jr. were also convicted and sentenced for their participation in the scam.
WILLIAM C. MAYS, FORMER CORPUS CHRISTI FINANCIAL ADVISOR INDICTED FOR SECURITIES FRAUD, MONEY LAUNDERING, THEFT
William Charlton Mays IV made ironclad guarantees to six clients who invested $225,000 in a gold, silver and commodities trading operation. Mays, who allegedly sold the investments in 2011 and 2012 in the form of promissory notes and investment contracts, was indicted in Nueces County September 26, 2013.
The indictment alleges that Mays used the investor’s money to pay personal expenses, failed to disclose his personal financial problems, and misrepresented the shaky financial condition of his company Mays Financial Group, LLC. On Oct 4, 2013, the Financial Industry Regulatory Authority (FINRA) filed a complaint against Mays alleging that he converted and misused client funds.
To read the indictment, follow this link.
According to the FINRA Broker Check site, Mays, who is not currently registered, was a registered representative for several FINRA broker dealers, as follows:
- SWS Financial Services 01/2011-11/2011
- Summit Brokerage Services, Inc. 04/2009-12/2010
- LPL Financial Corporation 09/2004-04/2009
- Frost Brokerage Services 11/2000-10/2004
- AXA Advisors 11/1998-11/2000
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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