North Texas Adviser Charged With Securities Fraud, Theft

Follow CBSDFW.COM: Facebook | Twitter

MCKINNEY (AP) — Regulators say a North Texas financial adviser who used radio advertising and held investment seminars has been indicted in an alleged $6 million Ponzi scheme.

Collin County jail records show 65-year-old Bobby Eugene Guess was being held Tuesday on securities fraud, theft, money laundering and engaging in organized criminal activity charges. Bond was $500,000 for Guess, who was arrested Monday.

The Texas State Securities Board says Guess was indicted December 15 over sale of notes, stock certificates and investments related to an internet advertising company.

A board statement Tuesday says Guess has not been licensed to sell securities in Texas since 2011. He allegedly promoted and sold high-yield securities and used funds from one set of investors to repay others.

Online records don’t list an attorney to speak for Guess.

(© Copyright 2016 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Watch & Listen LIVE