Tag Archives: texas securities fraud lawyer

Houston Attorney Indicted on Charges of Wire Fraud/Money Laundering

September 1 , 2015- Los Angeles/ Houston

The FBI announced the indictment of Stephen Young Kang, 46, of Newport Beach, CA and Houston, Texas, who is charged with wire fraud and money laundering.

According to the indictment, Kang defrauded Ottogi America, a food distribution company out of $3.7 million and other victims who believed the money they entrusted him with would be used for various business purposes. Instead it was used for his personal purposes and to pay distributions to prior investors to give the illusion of a profitable venture.

Local sources report that Kang maintained a law office office in the Houston Galleria.

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

Carson Energy / Austin Texas Residents Named In Iowa Oil & Gas Securities Fraud Action

August 28, 2015

Iowa Insurance Commissioner Nick Gerhart issued a cease and desist order to the following Austin, Texas residents:

  • Carson Energy, Inc.                           
  • Earl Carter Bills II    
  • Anthony Weber
  • Jerrold S. Rothouse    

The order alleges that Iowans have been defrauded out of more the $2.1 in connection with the sale of unregistered oil & gas investments. The Iowa Insurance Division assists Iowans who have been the victim of insurance or securities fraud.

The Statement of Charges filed in conjunction with the order alleges that Weber made a cold call telephone call to an Iowa citizen  and offered the chance to invest in an oil and gas project known as the Carson Energy Group Lucky #1 3D 2011. Following this were offers to invest in other oil and gas projects from Carson Energy, the Cardinal #1 3D 2011, the River Bend #1/ Hammock #1 3D 2012 and the 2011 S.W. Queensland, Australia Seismic Participation Joint Venture.

Damages of $2.1 million plus costs of over $14,000 are sought by the State of Iowa.

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

Armando Hernandez Leal Admits Laundering $66 Million From Mexican Investor-San Antonio

August 26, 2015- San Antonio, Texas

The FBI reports that Armando Jesus Hernandez Leal, 53, of Shavano Park, Texas, pleaded guilty to federal money laundering charges in connection with a multimillion dollar investment scam.

Hernandez was arrested in March, 2015, accused of stealing $66 million from clients in Mexico and using the money to buy a mansion in Shavano Park, homes in Colorado and Cancun, planes and jewelry.

For more details, see San Antonio Express-News story.

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

St. Tammany SALT Council to Hold “Money Smart for Older Adults Seminar” Sept. 9, 2015

August 27, 2015- Slidell, Louisiana

The St. Tammany SALT Council, the Council on Aging St. Tammany (COAST) and Gulf Coast Bank & Trust are holding a free seminar  on Financial Exploitation for seniors at the Slidell Senior Center on September 9, 2015, 12:30-2:30 pm.

The program, which was developed by the Consumer Financial Protection Bureau and the Federal Deposit Insurance Corporation, will help seniors understand various schemes used to exploit money and assets from seniors.

To pre-register for the Money Smart for Older Adults seminar, contact the COAST Center at 985-641-1852 or visit the website.

COAST Slidell Senior Center is located at 610 Cousin Street, Slidell, LA, 70458.

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

E1 Asset Management Sanctioned by Securities Regulators for Supervisory Deficiencies

June 5 , 2015

E1 Asset Management , entered into a Letter of Acceptance, Waiver and Consent (AWC)  with the Financial Industry Regulatory Authority (FINRA) to resolve numerous allegations related to supervision, including allegations that the company:

  • failed to establish and maintain a reasonable supervisory system
  • failed to conduct reasonable reviews designed to detect and prevent churning in customer accounts
  • failed to implement suitability reviews in customer accounts
  • failed to enforce the firm’s Heightened Supervision Program.
  • entered into numerous settlement agreement with customers that contained an ambiguous confidentiality clause that could be interpreted by customers as prohibiting them from cooperating with securities regulators in violation of NASD and FINRA rules.

Ron Y. Itin and Ahsan R. Shaikh, both General Securities Principals of the company,  were also sanctioned in the AWC for their participation in the regulatory failures.

AWC  No. 2010025835701

E1 Asset Management was censured and fined $25,000.  Itin and Shaikh were suspended from acting in a supervisory capacity for one month each.

E1 Asset Management has been registered as an introducing broker-dealer since 9/2009. Its main office is in Jersey City with branch offices in New York City, Cortlandt Manor, New York, and Alexandria Virginia.

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