On February 7, the Texas State Securities Board (TSSB) published a report wherein it makes an analysis of the millions of dollars lost related to fraud during 2018. The report reveals that the majority of the losses far beyond the cryptocurrency sector.
Fraud and Millions lost During 2018
The 2018 Enforcement report from the Texas State Securities Board (TSSB) has made an analysis related to cases associated with fraud during 2018. The report ended up revealing that many millions of dollars have been lost to fraud schemes last year. TSSB made a distinction between the various cases and in which sectors were the acts committed.
The Board analyzed several criminal cases which ended in 244 years sentences, 38 years community supervision acts, $13.2 million in restitution orders, and 12 individuals convicted, while 16 others ended up indicted.
Cooperating with Law Enforcement
Throughout 2018, the Texas authority assisted with numerous lawsuits and cooperated with law enforcement agencies. The State Securities Board provided investigative, financial, and prosecutorial assistance to state and federal prosecutors. It partnered with the Dallas County District Attorney’s Office to help convict five individuals who stole their investor’s portfolios.
The Board followed and assisted with specific cases too. Juan Miguel Lopez who attracted millions of dollars in investment, Timothy Lloyd Booth, a pastor selling investment contracts in a ghost web advertising company, and Gabriel Claudio Jr. who offered fake financial services. All three men tried to flee with millions of dollars from investors by recurring to fake enterprises. All three were indicted with securities fraud and are now serving heavy sentences.
Fraud in the Oil and Gas Sector
The Board identified several fraudulent schemes in the oil and gas sector posing risk to investors in the state of Texas.