The Texas State Securities Board just announced the indictment of a former investment advisor in Corpus Christi who allegedly made deceptive guarantees to six clients who invested $225,000 in a gold, silver and commodities operation.
William Charlton Mays IV sold the investments in 2011 and 2012 in the form of promissory notes and investment contracts. He was indicted Sept. 26 in the 105th State District Court of Nueces County on charges of securities fraud, money laundering, theft, and securing the execution of a document by deception.
According to the indictment, Mays used investors’ money to pay personal expenses, did not disclose personal financial problems, and misrepresented the shaky financial condition of his company, Mays Financial Group LLC. All the assets of his company were reportedly pledged to small business loan provider Accion Texas and Mays had a federal tax lien filed against him in Nueces County in 2007 and a 2011 judgment against him in Travis County Court at Law #2 in the amount of $20,289.
On Oct. 4, the Financial Industry Regulatory Authority (FINRA) filed a complaint against Mays, alleging he converted and misused client funds, giving a client’s money to his father and his ex-wife. FINRA also alleges he operated an outside business — Mays Financial Group — without informing employers.