Texas Man Charged With Bilking Investors In Ponzi Scheme

Law360, Dallas (December 20, 2016, 10:36 PM EST) -- A Texas financial adviser was arrested Monday on charges he cheated investors out of $6 million by selling unregistered securities in a purported digital advertising company that was really a Ponzi scheme, the Texas State Securities Board said.

Bobby Eugene Guess, who once hosted a radio show called “Dollars & Sense” and ran an investment firm called Texas First Financial LLC, was indicted Thursday by a Collin County District Court grand jury on charges of theft, money laundering, engaging in organized criminal activity and securities fraud.

He allegedly pushed investors to funnel millions into StaMedia Inc. despite knowing the money was being...

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