Two Texans Get Prison Time For Securities Fraud
Two Texans have been sentenced to time in prison for securities fraud, according to State Securities Board. The men sentenced were Reginald Lee Clark of Clark Investment Advisers and Ray M. White with CRW Management LP.
Mr. Clark received a 25 year sentence in state prison following a conviction by a Limestone County jury of stealing over $400,000 from his clients. Clark, who was not registered to sell securities in Texas, convinced his clients to take money out of legitimate investments and invest the money with Clark Investment Advisors, which then provided fake statements and fictitious returns to the customers.
Mr. White received a 10 year sentence in federal prison for commodities fraud and ordered to pay $9.4 million in restitution. He was a North Texas resident who worked through CRW Management LP in Mansfield, TX, where he defrauded investors by lying about the trading of foreign currency contracts. He lost investors’ money trading forex contracts and then provided them with bogus statements, in addition to using the money from new investors to pay earlier ones as part of a Ponzi scheme.