September 2021- White Settlement, Texas
The Texas State Securities Board (TSSB) issued an Emergency Cease and Desist Order against the following Respondents:
- PB& Associates LLC, a Texas limited liability company of Krum, Texas and White Settlement, Texas
- Barbara L. George aka Barbara Troutman of White Settlement, Texas
- Patricia Coleman of Krum, Texas
According to the Order, George published an advertisement in the ‘for sale’ section of the Craigslist website targeting residents of Dallas and Fort Worth, Texas, in an attempt to solicit investors for a real estate venture, “Fix and Flips, Long-term Rentals, and Wholesaling”. The TSSB found that Respondents offered promissory notes, claiming that a $5,000 investment will generate a 10% return and a $60,000 investment will generate an 8% return in six months to a year.
Respondents claim that the investment is ‘a low risk, asset-based investment, secreted and protected with a tangible real estate property’.
The TSSB finds that the investments being offered have not been registered with the Securities Commissioner and that Respondent George, who was charged with two counts of the 1st degree felony offense of Aggravated Sexual Assault of a Child Under 14 years of age in 2008, has committed fraud in connection with the offering of these investments. George agreed to a plea deal in 2009, and subsequently served time in the Tarrant County jail in 2012 and 2015 as the plea deal was amended. George failed to disclose her criminal history to investors, according to the TSSB.
The TSSB concluded that Respondents violated the Texas Securities Act by failing to disclose the risks associated with the investments and ordered that they cease and desist the offering until they comply with the Texas Securities Act.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors, nationwide and beyond, 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.
Florida-561 391 1900