One Dallas Investment Adviser Suspended, A Second Ordered to Repay Commissions
Dallas, Texas
   
 
More Today's News:
ߦ   IN MEMORIAM - Chris Reed
ߦ   Aggravated Assault with a Deadly Weapon
ߦ   Arnoldo Jimenez Added to Ten Most Wanted Fugitives List
ߦ   Body Of Missing Person Found Shot
ߦ   Coast Guard medevacs mariner near Espiritu Santo Bay
ߦ   Cyberstalker Sentenced
ߦ   Don't Be Scammed By A Scammer
ߦ   Drug Agents Swarm Houston Neighborhood
ߦ   Officer Involved Shooting
ߦ   Pair Sought For Theft From Houston National Cemetary
ߦ   Special Prosecutor files grievance against former prosecutor
ߦ   Storm With 115 mph Winds Hit Copperas Cove
ߦ   Teen Police Academy Now Enrolling
ߦ   Three Sentenced for Importing Meth in Jalapeño and Hominy Cans
ߦ   Two Smugglers Sentenced in Death of Illegal Alien
ߦ   Violent Crimes Investigators Release Information On Home Invasion.
ߦ   Young Undocumented Alien Admits to Transporting Chinese and Brazilian Nationals
ߦ   IN MEMORIAM - Katherine “Joyce” Butler
ߦ   10-year-old shot by teen suspect out on bond for pending murder charge
ߦ   Armed Burglar Arrested At The Scene
ߦ   Aryan Brotherhood Members and Associates Charged with Racketeering for Directing Murders and Other Violent Crimes from Inside California Prisons
ߦ   Attempt To Locate Family/Friends Of Woman Killed In Car Crash
ߦ   Body of Kemah Police Chief Recovered
ߦ   FBI Seeks Armed Security Imposter For Bank Robber
ߦ   Federal Charges Filed in Wake of Fatal Robstown Crash
ߦ   Former deputy constable indicted for on-duty rape
ߦ   Galveston County jury sentences heroin dealer to 30 years for Engaging in Organized Criminal Activity
ߦ   Galveston Fugitive Arrested In Louisiana
ߦ   Honduran National Charged with Smuggling Child into the U.S.
ߦ   La Marque Drug Raid Nets Arrest And Recovery Of Stolen Pistol

   Next >>
 
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.