Judge Authorizes Seizure of Warr Entities’ Assets
The Texas State Securities Board issued a News Release stating that Travis County Judge Stephen Yelenosky approved a restraining order against an Austin based firm that allegedly continued selling illegal, high yielding investments in violation to a Cease and Desist Order issued by the State Securities Board. The court granted the request for a receiver to take control of Warr Investment Group, LLC and Warr International Group, LLC and also froze their bank accounts and other assets.
According to the petition, James Elton Warr, the CEO of the companies, and other officers of the companies were defrauding investors through “illegal and deceptive sales of securities in real estate investment programs” and guaranteeing a 7% annual return. The investments were pitched as being safe, secure and lucrative alternatives to CD’s and stocks.
It is alleged that Warr used the $972,000 raised from investors for his own personal use to buy a Mercedes, pay commissions to unregistered sales agents, restaurants, plane tickets, travel expenses and other luxuries.