December 12, 2014- Austin, Texas
An Emergency Cease & Desist Order was entered against Clifton Curtis Sneed, Jr. of Cedar Hill by the Texas State Securities Board (TSSB). Also named in the Order are Ivan Dickson of Rancho Cucamonga, CA and two companies, The Joint Venture Group , also of Cedar Hill, Texas, and Top Money Earners Group of Cucamonga, CA.
Sneed, who also goes by the alias “Kaisan” Sneed operates The Joint Venture Group, a purported binary options trading firm , which is marketed by Dickson’s company Top Money Earners Group.
Investors pay a $20,000 to become a “member” and are told that the account is guaranteed up to $250,000 and that it will be traded by professionals who will trade binary options. Returns of up to 100% in 90 days are touted.
According to the Order these investments are not registered for sale and neither Sneed nor Dickson are registered with TSSB. Sneed has several prior related issues, including:
- In 2008 a Dallas judgment brought by the SEC in a fraudulent investment scheme
- A 2007 action by Utah Division of Securities for misrepresenting investments
- Guilty plea in a Salt Lake City criminal securities fraud matter resulting in probation and a fine
- a 2007 IRS lien of over $500,000
Binary options depend on the performance of an underlying asset, like a company’s stock and are an all or nothing proposition, often leading to the loss of the entire investment. See this Investor Alert on Binary Options and Fraud issued by the Securities and Exchange Commission.
If you lost money on binary options that were recommended to you by your registered stockbroker, you may be entitled to recover damages. Contact us for details.
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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