NORTH TEXAS (CBSDFW.COM) — A North Texas woman is accused of concealing her past — which includes being a registered sex offender — while promoting fraudulent real estate investments.
The Texas State Securities Board has filed an emergency cease and desist order against Barbara George, also known as Barbara Troutman, of White Settlement, to stop what they say is a scheme.READ MORE: Amber Alert Issued For 12-Year-Old Girl Out Of Converse, Texas
The order alleges George, who has also been prosecuted for aggravated sexual assault of a child, is illegally advertising fraudulent fix-and-flip and long-term rental real estate investments that purport to pay generous returns – as much as eight or 10 percent over a short term.
George is not, however, providing key information to investors. For example, the order alleges she is not disclosing key risks, such as risks associated with the solvency of the issuer and factors that may impact its ability to satisfy its financial obligations. She is also accused of concealing her criminal history – including circumstances surrounding her prosecution for aggravated sexual assault of a child under 14 years of age.READ MORE: COVID-19 Pandemic Has Taken A Toll On Mental Health, Led To More Drug Abuse, CDC Says
According to the order, investors are also not being told that a Texas court required George to be confined in county jail on two separate occasions.
“Today’s action demonstrates the necessity of transparency,” said Joe Rotunda, Texas Securities Board Enforcement Director. “The law requires promoters to truthfully disclose all known material information – and in this case, information relating to the business repute and background of the investment professional.”MORE NEWS: US To Deport 'Massive' Number Of Haitian Migrants From Texas Border Town
Rotunda is encouraging investors to do their due diligence and investigate before investing in any online securities offering.