Former Assistant United States Attorney Representing Elderly Investors Residing Near Longview, Texas Files Additional Fraud Charges Against DFW Brokerage Firm and Two Brokers In Connection With Nationwide Ponzi Scheme
Mar 12, 2018 | 1602 views | 0 0 comments | 14 14 recommendations | email to a friend | print
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Gilmer, Texas, March 1, 2018 – Today, a former Assistant United States Attorney filed two petitions in Texas District Court, Harrison County, Texas on behalf of two senior citizens who reside in Hallsville, Texas.  Both petitions allege that H.D. Vest Investment Securities d/b/a HD Vest Investment Services (HD Vest), Jerry Davis Raines (“Raines”), and Donna Lynn Barnard (“Barnard”) made “false and misleading representations” while describing the supposedly safe, low risk, and conservative characteristics of Woodbridge securities.  Per the allegations reflected in the petitions, the Defendants, through the course of conduct in which they engaged, violated Texas common law fraud principles and the Texas Securities Act.  Both of the newly-filed petitions allege that substantial financial losses have been sustained in connection with the sale of Woodbridge securities.  According to the SEC, Woodbridge constituted a massive Ponzi scheme.  Per the SEC, more than $1.2 billion was raised from more than 8,400 investors.  For more information, see the attached newly-filed petitions, along with the attached February 21, 2018 petition.

 

Chris Bebel represents the two elderly investors, husband and wife, who serve as Plaintiffs in these cases.  Mr. Bebel is a former Assistant United States Attorney.  As an additional matter, Mr. Bebel previously served as an attorney for the U.S. Securities and Exchange Commission, Division of Enforcement, Washington, D.C.

 

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