The Texas State Securities Board (“TSB”) have accused Respondents David Grissom and Premier Concepts of operating an unregistered forex investment scheme in a recent emergency cease and desist order. The emergency order comes after Grissom and Premier’s previous promise—since broken—to remove their advertisements for the investments.
According to the TSB, although David Grissom and Premier Concepts guaranteed returns on the forex investment of “not only 8% per month but also a total return of 80%” and represented the investment to be “safe,” they concealed “material information” that would demonstrate their “ability to pay these fixed, guaranteed returns” and failed to provide investors with information reflecting “the true risks associated with forex investments.”
As stated in the Cease and Desist Order:
“11. Respondents claim Respondent Grissom is an experienced forex trader who generates between 12% and 18% returns per month.”
“12. Respondents are guaranteeing the payment of 8% per month to investors, and they are guaranteeing a total return of 80% over a term of 11 months.”
“13. Respondents are claiming to have already raised approximately $700,000.00 from Texas and out-of-state investors, who are now participating in the forex trading investment program.”
The TSB warns investors that representations to the effect that an investment is “safe with guaranteed returns” are often hallmarks of investment frauds. The TSB further instructs investors to determine the registration status of a promoter before making an investment and use extra caution “before investing with anyone who is not registered or exempt from registration.”
If a promoter’s promise of a “safe” investment featuring “guaranteed” returns proves empty, Fishman Haygood may be able to help. Please contact us for a free evaluation of your potential claims.