TEXAS STATE SECURITIES BOARD DEFENSE ATTORNEY
Alan Abergel is an attorney licensed by both the State Bar of Texas and the State Bar of California.
THE LAW OFFICES OF ALAN ABERGEL, P.C. (“LOAA“) also provides California DFPI securities and financial services enforcement defense services.
An attorney that represents you or your company in an administrative securities enforcement case, can only be effective if that attorney is also a securities compliance lawyer, who is knowledgeable in SEC, FINRA, and Texas State Securities Board’s securities laws and regulations. A general administrative lawyer that defends all types of Texas licensees (nurses, healthcare professionals, barbers, cosmetologists, locksmiths, manicurists, etc.) is highly unlikely to also practice regularly securities, and financial services laws. Being familiar with the procedural aspects of the Texas State Office of Administrative Hearings and court procedures, such as administrative appeals to the Travis County District Court, is only one aspect of effective administrative representation. The other aspect that is even more important is deep knowledge and experience of the substantive law that governs the specific license or area of regulation such as securities laws. LOAA practices both securities (as well as financial services regulation) compliance and administrative defense.
The Texas State Securities Board receives complaints pertaining to securities dealers, agents, investment advisers, or investment adviser representatives registered under the Texas Securities Act. The Texas State Securities Board also receives complaints about offers and sales of securities, fraud or other violations of the Texas Securities Act or a Board rule, or order not pertaining to registrants. Enforcement action taken by the Texas State Securities Board for a violation of the Texas Securities Act or a Board rule or order may include an administrative fine; an administrative proceeding to reprimand, suspend, or revoke registration; a civil lawsuit for injunction or receivership or referral of the matter to appropriate authorities for criminal prosecution.
The Texas State Securities Board may refer the complaint to the Securities and Exchange Commission (SEC) or the Financial Industry Regulatory Authority (FINRA), or another state agency, if it deems the matter to be under the jurisdiction of these agencies or SROs.
The Texas Securities Act is the state law regarding the regulation of the securities industry in Texas. The Act provides for the registration of securities offered or sold in Texas, and of firms and individuals who sell securities or render investment advice in the state. In certain circumstances a particular security, transaction, or person may be exempt from the registration requirements of the Act. Even when an exemption from the registration provisions is available, the Act prohibits fraud in the offer or sale of securities in Texas and in the rendering of investment advice. The Act provides for administrative, civil, and criminal sanctions for violations of its provisions. The five-member State Securities Board periodically updates Board Rules for the administration and enforcement of the Texas Securities Act.
TEXAS STATE SECURITIES BOARD ENFORCEMENT ACTIONS.
The Texas State Securities Board vigorously enforces the Texas Securities Act. The agency’s Enforcement staff is charged with the detection and prevention of violations of the Act, including illegal sales of unregistered nonexempt securities, sales of securities by unregistered dealers, and fraud committed in connection with the sale of securities.
The Act provides for administrative sanctions to be imposed by the Securities Commissioner. These sanctions include: denial, revocation, or suspension of dealer, agent, investment adviser, or investment adviser representative registrations; cease and desist orders prohibiting or suspending the sale of securities or prohibiting fraudulent conduct; administrative fines; denial or revocation of the registration of securities; revocation of exemptions from registration; and cease publication orders.
The Act provides criminal penalties for certain unlawful activities. After the Enforcement staff investigates suspected violations of the Act, it may recommend criminal prosecution of the suspected violator. In some cases, a matter may be referred to the Attorney General for an injunction or receivership action.
LOAA PROVIDES THE FOLLOWING LEGAL SERVICES:
- Representation in administrative hearings, proceedings, and investigations.
- Representation in appeals of final orders of the Texas State Office of Administrative Hearings (SOAH) to the Travis County District Court.
- Compliance with lending, securities, financial, and real estate laws.
- FINRA defense.
- Drafting of agreements, disclosures, and ancillary documents in compliance with lending, securities, financial, and real estate licensing laws.
- Drafting of agreements, disclosures, PPMs, and ancillary documents in compliance with securities offerings and sales exemption laws.
- No criminal defense services are provided. Only administrative, civil, compliance, and transactional services are provided.