Not a good few weeks for San Antonio financial peeps who went full Puro South Texas.
Brian Alfaro of Primera Energy sentenced to 10 years and ordered to pay $10 million to investors: Prosecutors hailed the decision by U.S. District Judge in light of the millions of dollars that Alfaro took from retirees and others who dug into their savings to invest in a number of drilling prospects. They say instead of using the money to drill for oil, Alfaro instead spent it on San Antonio Spurs' season tickets, a number of luxury vehicles and other big ticket items. link
Aggie former Bank of San Antonio Exec arrested for alleged $13.2 million ponzi-scheme: Wayne Schroeder, 48, was arrested in San Antonio yesterday on a federal indictment accusing him of three counts of fraud and two counts related to money laundering. Schroeder was the president of The Bank of San Antonio subsidiary Texas Express Funding LLC, or TEF, until he was fired in May when the bank allegedly uncovered the scheme. link
Brooklynn Chandler Willy must refund $2.75 million in commissions and suspended for one year: Local radio show host and four other staff members of her practice, San Antonio-based Texas Financial Advisory, recommended that "conservative, unsophisticated investors allocate nearly half of their liquid assets in private, illiquid alternative investments," the State Securities Board said in issuing its Oct. 16 disciplinary order. Under a settlement with Commissioner Travis Iles' office, Willy must pay back $2,750,500 in commissions for the sales between 2013 and 2019. She has also agreed to a one-year suspension of her investment advisor license, an independent compliance consultant review and five-year bans on discretionary trading authority and alt recommendations. link
Brian Alfaro of Primera Energy sentenced to 10 years and ordered to pay $10 million to investors: Prosecutors hailed the decision by U.S. District Judge in light of the millions of dollars that Alfaro took from retirees and others who dug into their savings to invest in a number of drilling prospects. They say instead of using the money to drill for oil, Alfaro instead spent it on San Antonio Spurs' season tickets, a number of luxury vehicles and other big ticket items. link
Aggie former Bank of San Antonio Exec arrested for alleged $13.2 million ponzi-scheme: Wayne Schroeder, 48, was arrested in San Antonio yesterday on a federal indictment accusing him of three counts of fraud and two counts related to money laundering. Schroeder was the president of The Bank of San Antonio subsidiary Texas Express Funding LLC, or TEF, until he was fired in May when the bank allegedly uncovered the scheme. link
Brooklynn Chandler Willy must refund $2.75 million in commissions and suspended for one year: Local radio show host and four other staff members of her practice, San Antonio-based Texas Financial Advisory, recommended that "conservative, unsophisticated investors allocate nearly half of their liquid assets in private, illiquid alternative investments," the State Securities Board said in issuing its Oct. 16 disciplinary order. Under a settlement with Commissioner Travis Iles' office, Willy must pay back $2,750,500 in commissions for the sales between 2013 and 2019. She has also agreed to a one-year suspension of her investment advisor license, an independent compliance consultant review and five-year bans on discretionary trading authority and alt recommendations. link