SEC alleges Texas firm took investors for $3M

August 7, 2009 1:59:27 PM PDT
The Securities and Exchange Commission has filed an emergency civil action against a Texas company and one of its founders, alleging the firm misappropriated $3 million in investor funds. In a statement Friday, the SEC said it filed suit in federal court in Dallas Thursday against Plano-based 2Randall Consulting Group LLC and Brion Gary Randall.

U.S. District Judge Reed O'Connor issued orders freezing the company's assets and appointing a receiver.

The suit alleges that at least six investors were led to believe their money would be placed in a mutual fund master account. The SEC says that account didn't exist.

The lawsuit also alleges Randall distributed bogus account statements and fake "screen shots" of online banking activity.

A call to Randall's cell phone by The Associated Press wasn't returned Friday.

      QUICK HEADLINES | MORE TEXAS | GET NEWS ALERTS
-----------------------------------------------------------------------------------------------
ABC13 SOCIAL NETWORKING
Find us on Facebook® | Follow us on Twitter | More social networking
-----------------------------------------------------------------------------------------------
MORE FROM ABC13
ABC13 widget | Most popular stories | Street-level weather
ABC13 wireless | Slideshow archive | Help solve crimes
-----------------------------------------------------------------------------------------------


Load Comments