Securities adviser hit with $719,000 restitution

March 30, 2012 6:52:32 AM PDT
The Texas State Securities Board has ordered a Corpus Christi securities adviser pay $719,000 in restitution and serve 10 years of community supervision for withholding information from investors.

Authorities say 59-year-old William Erik Byrne sold about $1 million worth of fraudulent investment contracts and promissory notes but didn't tell investors of sanctions against him.

Byrne in 2005 was ordered to stop selling unregistered annuities, was fined $10,000 three years later by the Texas Department of Insurance for engaging in unauthorized insurance business, and didn't disclose to investors that participants in some of his investment programs didn't receive expected payments.

The Corpus Christi Caller-Times reports Friday the restitution is in addition to $100,000 Byrne was ordered to pay by a Nueces County judge earlier this month.