One Dallas Investment Adviser Suspended, A Second Ordered to Repay Commissions
Dallas, Texas
   
 
More Today's News:
ߦ   Kitchen Supervisor Pleads Guilty to Actions Related to Prohibited Relationship with Federal Inmate
ߦ   Laredoan Pleads Guilty to Child Pornography Charge
ߦ   Last of 11 Convicted in Charges Stemming from Rap Video filmed at Lakewood Park
ߦ   Meth Lab, False Statements and Illegal Re-Entry Indictments Returned
ߦ   Mexican Foreign National Convicted of Meth Trafficking
ߦ   Mexican National Charged with Importing Large Amount of Meth
ߦ   Paris Police Dept - Activity Summary
ߦ   Quality of Life Advisory Board Vacancies Announced
ߦ   South Texas Man Sentenced for Smuggling More Than 30 pounds of Drugs
ߦ   Speeding Motorcycle Leads to Fatality Accident
ߦ   Three Men Indicted for Bank Robbery Inside Gallery Furniture
ߦ   Worldwide Sweep Targets Business Email Compromise
ߦ   Bangladeshi National Arrested in Texas to Face Charges for Conspiracy to Bring Aliens into the U.S.
ߦ   Amber Alert issued for 15-year-old girl out of Pearland
ߦ   Associate of Former Border Patrol Agent Sentenced for Conspiracy to Commit Bribery
ߦ   Authorities identify gunman in deadly Odessa shooting
ߦ   Babysitter admits he caused 2-year-old's skull and rib fractures while high: police
ߦ   Woman Admits to Importing Meth
ߦ   7 killed, 22 injured in West Texas shooting rampage
ߦ   Child Advocates of Fort Bend Announces 2019 Christmas Home Tour Dates

 
Search Archives:

Texas Securities Commissioner Travis J. Iles on June 6 sanctioned two Dallas-area investment adviser representatives for selling unsuitable investments to clients.

The Commissioner suspended investment adviser representative Mark A. Trewitt for 90 days for selling unsuitable investments to clients, including one couple who invested half of their liquid assets in an Oregon-based private fund that collapsed in 2016.

Trewitt is an investment adviser representative for Delta Investment Management LLC of Plano. He told the unsuitable investments while employed at VFG Advisors Inc.

Trewitt's clients invested $173,306 in the fund, which was exactly half of their liquid assets. Investors nationwide lost as much as $600 million in the fund, which was one of the investment vehicles managed by Aequitas Management of Portland, Ore.

Trewitt also recommended that two other clients, a husband and wife in their 70s who had stated a preference for moderate risk in their portfolio, invest $275,000 in high-risk, illiquid private placement investments, non-listed Real Estate Investment Trusts, and Business Development companies.

The couple's investment accounted for 40% of their liquid assets.

In a second Disciplinary Order, the Commissioner ordered Clair Crossland of Dallas to repay $88,933 to clients who purchased stream-of-income investments tied to the payouts from pensions. The payment is double the amount of commission Crossland earned from the sales.

Crossland is president of LFA IRA LLC, a Dallas investment advisory firm.

Crossland did not understand the complexities of stream-of-income investments and the risks they posed to his clients.

At the time Crossland sold the investments to his clients, state and federal regulators had issued warnings about the risks of the transactions – including the fact that some transactions may be illegal under federal law – and sanctioned several companies selling investments based on pension-income streams.

The State Securities Board issued an Investor Alert about pension advance schemes in 2016.
Post a comment
Name/Nickname:
(required)
Email Address: (must be a valid address)
(will not be published or shared)
Comments: (plain text only)
Printer Friendly Format  Printer Friendly Format    Send to a Friend  Send to a Friend    RSS Feed  RSS Feed
© 1999-2019 The Police News. All rights reserved.