On Thursday, July 18, Texas Securities Commissioner John Morgan entered an Emergency Cease and Desist Order against Austin “private money lender” Bruce A. Craig.
The Texas Securities Commission states Craig has been promoting his real estate-based investments as no-risk products that will yield 15 to 20 times what an investor could get in interest from a bank.
Craig is the registered agent of Austin based companies Leap Frog Capital LP, Affordable Leasing and Finance LP. He is the managing member of Your Dollar Builder LLC.
Craig offers investments in a limited partnership that allegedly makes money by purchasing real estate loans. Craig also offers investments in the financing of loans to homeowners who need to buy equipment such as air conditioning systems.
The Emergency Order states that Craig portrays himself as an experienced, successful entrepreneur, but failed to disclose a civil lawsuits and judgments against him, or a 2010 Bankruptcy Court filing where he claimed liabilities of over $2.5 million.
The Emergency Order found that Craig and his companies are “engaging in fraud in connection with the offer for sale of securities” and making statements that are “materially misleading or otherwise likely to deceive the public.”