Talk about greed.

Recently a well-known Texas wealth manager who hosted a radio show called, “Dollars & Sense” was arrested and booked into jail on charges of more than $6,000,000.00 worth of among other charges, fraud and engaging in criminal activity.

In court documents, the Texas State Securities Board allege that Bob Eugene Guess was selling investments without being a registered securities dealer.

The authorities say that Mr. Guess lured retirees and others to his firm’s investment forums with fraudulent promises of 9 percent annualized returns, was recently indicted.

Here comes the really greed part.  Mr. Guess’ firm Texas First Financial widely advertised its services on local radio stations, including ESPN Dallas (103.3FM) and WBAP (820 AM).

The criminal charges stem from an investigation by the Texas State Securities Board and the U.S. Secret Service, which found that Mr. Guess’ firm was peddling investments in companies including the advertising firm Stamedia, Inc. – a company whose leaders took millions of investor’s monies to fund an “extravagant lifestyle” for themselves and relatives.

Cleary Mr. Guess thinks that an oil and gas investment scam will never to discovered.  Wrong!

It was discovered that the principal expenses were “extensive travel to Cabo San Lucas, Vail, Disney World, and a Montana hunting lodge and multiple luxury vehicles, including Land Rovers, Mercedes, Ferraris and Lamborghinis.”

According to the court documents, the new investments Mr. Guess sold in one company were apparently used to pay off investors who had been sold investments in another, “the very definition of a Ponzi scheme.”

Records show that that investors bought securities from Mr. Guess in his North-Forty Development, LLC, and were promised returns by the deeds of trust for the properties the company developed.  We tell those investors who contact us that, “These promised returns” should have sent “red flags” and that they should have contacted an oil and gas fraud attorney prior to investing.  Sadly, with Mr. Guess a substantial amount of the investor’s funds went to satisfy a federal tax lien, which was previously levied against a North-Forty principal.

Wait there’s more.  This is not the first time Mr. Guess has been involved in selling unregistered securities.  In 2015 the S.E.C. sued the Georgia based Credit Nation, where Mr. Guess was an owner and vice-president, for allegedly running a multimillion-dollar Ponzi scheme in life settlement contracts.  A federal judge placed Credit Nation in receivership.  That is another reason why we counsel our clients not to quickly invest …be in an oil and gas investment scam, or another scheme.

We receive numerous calls every week regarding investment scams.  We ask those callers the following:

  1. Prior to you calling us, how many oil and gas fraud attorneys have you contacted;
  2. Prior to you calling us, how many oil and gas litigation lawyers have you contacted: and
  3. Prior to you calling us, how many oil and gas investment scams have you been a part of?

Those questions are important as we want to know what advice the caller had received so we can comment on what they have been told, and hopefully provide them valuable information on their current situation, and help them from being another victim of an oil and gas investment scam.

We are here to help.

Mark A. Alexander
5080 Spectrum, Suite 850E
Addison, Texas  75001
Ph: 972.544.6968
Fax: 972. 421.1500

E-Mail: mark@markalexanderlaw.com
www.commerciallitigationtexas.com
www.oilandgasfraudlawyer.com

Photo of Mark Alexander Mark Alexander

Mark Alexander is the principal of the Firm. In 1979, he earned his undergraduate degree at Wayne State University in Detroit, Michigan, and his law degree at Thomas M. Cooley, Lansing, Michigan, in 1985 (Academic Dean’s List).

Mr. Alexander is licensed…

Mark Alexander is the principal of the Firm. In 1979, he earned his undergraduate degree at Wayne State University in Detroit, Michigan, and his law degree at Thomas M. Cooley, Lansing, Michigan, in 1985 (Academic Dean’s List).

Mr. Alexander is licensed to practice law by the Supreme Courts of the States of Texas (1985) and Michigan (1988), and holds licenses before the following courts: Supreme Court of Texas; Supreme Court of Michigan; United States Court of Appeals for the Fifth and Sixth Circuits; United States District Courts for the Northern, Southern, and Western Districts of Texas; and the Eastern and Western Districts of Michigan. In addition he has been admitted in several other Federal and State Courts to represent Texas clients, who have been engaged in significant litigation in those jurisdictions.

Courts have appointed Mr. Alexander to serve as a receiver, and facilitator in complex litigation lawsuits. Additionally he has been a frequent lecturer for organizations on a variety of business law matters.  Mr. Alexander has also served as an Adjunct Professor of Business Law at Henry Ford College in Dearborn, Michigan. Significantly, Mr. Alexander is AV-rated by Martindale-Hubbell, the highest rating an attorney can receive.

Additionally, due to the complex nature of its practice, the Firm has an on-going relationship with a legal group that provides litigation support services. This group is comprised of a team of attorneys, whose combined capabilities allow the group to provide nearly 24-hour coverage at crucial times for any case. This arrangement is but one example of the innovative, cutting-edge approach that the Firm provides to its clients in order to improve representation at reduced legal fees.