Frisco wealth manager Bobby Guess sentenced to 12 years for securities fraud
Frisco wealth manager Bobby Guess was sentenced to 12 years in prison as part of a plea bargain stemming from charges of more than $6 million in fraud, money laundering, theft and engaging in organized criminal activity.
Guess, 66, was sentenced Tuesday in Collin County court for one count of securities fraud greater than $100,000. The charges of property theft, money laundering and engaging in organized criminal activity were dismissed as part of the plea. He had been facing a maximum of 99 years in prison.
The Texas State Securities Board alleged that Guess and his firm, Texas First Financial, fraudulently promised 9 percent annualized returns and was selling investments without being registered as a securities dealer. He was indicted in December 2016 after an investigation by the TSSB and the U.S. Secret Service.
Guess was taken into custody after a short hearing and is being held in Collin County Jail. His lawyer, Knox Fitzpatrick, declined to comment. The TSSB also declined to comment.
Read more: https://www.dallasnews.com/news/courts/2018/07/03/frisco-wealth-manager-bobby-guess-sentenced-12-years-securities-fraud
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Was foolish. 