“What is going on in Texas? Looney prosecutors or not?”
Yesterday, I read extensively about these charges. Paxton is a lawyer and he suggested to some clients they might be interested in investing in a local company. Some of them did invest in this company. Paxton didn’t tell them he would get a commission if they invested and that is what he did wrong, plus he wasn’t registered as an investment advisor. He has already paid a fine of $1,000 in 2014 for not being registered.
Unless his defense attorneys come up with info. we don’t know about, I expect he will have to resign. In my opinion, not telling those people he would get a commission, was done on purpose and that is willful deception.
If he resigns, Governor Abbott would appoint a new Texas Attorney General and he/she would serve until the next scheduled election for Attorney General.
He's allowed to serve while under indictment and while being tried. I imagine that process has about a two or three year clock attached.
Seems to be a "wheeler/dealer" type, he himself was victim of an investment/Ponzi scheme some time ago. I bet he spends more time working on his investments, than he does working on state AG business. As AG, he has an army of minions.
Yeah, it doesn’t look good based on what I’ve read also. Fees paid to unlicensed “advisor” tracing bank records, customer complaints, etc. should be easily tied together if that’s the case. There were also complaints that Mowery tried to get clients to sign backdated documents that Paxton would receive a percentage of advisory fees.
It may be a vendetta but these events occurred and were being investigated before last month when Paxton made the marriage license statements.
The penalties seem very harsh, but I suspect he’s in alot of hot water over this. There might have been a conflict of interest with him being an estate planner lawyer and not being able to secure the proper investment licenses in Texas so he didn’t register. For him to allegedly do this IMO was really stupid and out of character for him. Very disappointed.