The Texas Securities Commissioner Travis J. Iles recently issued an Emergency Cease and Desist Order relating to a fraudulent securities offering tied to an Austin, Texas, nightclub called Bull & Bowl.
David Wesley Goodnight and his businesses – Valiant Holdings, LLC and Goodnight Group – allegedly solicited investments of indirect interests in Goodnight-Sixth, LLC, a company that Goodnight represented owned the Austin nightclub.
As stated in the allegations in paragraphs 32-36 of the Cease and Desist Order:
- Although Respondent Valient is no longer in existence, Respondents recently solicited a “[t]otally passive investment” by publishing an advertisement in Craigslist targeting residents of Austin, Texas
- The advertisement represented the investment was for a “Profitable Downtown Bar & Restaurant,” the investment cost $150,000 and principal would be returned within 24 to 340 months.
- The “Profitable Downtown Bar & Restaurant” referenced in the advertisement is Goodnight-Sixth, LLC dba Bull & Bowl . . .
- The records of the Texas Secretary of State reflect that Brandon John Cash is the Managing Member of Bull & Bowl. These records do not show that Respondent Goodnight serves as manager or officer of Bull & Bowl or that he is in any way affiliated with Bull & Bowl.
- Although not shown on the records of the Texas Secretary of State, Respondent Goodnight has been holding himself out as a director of Bull & Bowl.
The allegations also noted that “Respondents have not been registered with the Securities Commissioner as dealers or agents” and that the indirect interests in the nightclub “have not been registered by qualification, notification, or coordination at any time material hereto, and no permit has been granted for their sale in Texas.”
Fishman Haygood’s Investment Fraud Division has experience bringing claims on behalf of investors who were duped in fraudulent schemes. Please contact us to discuss your possible claim.