Texas State Securities Board issued emergency notice cease and desist order Tuesday, prohibiting Barbara George, a resident of White Settlement, and her company, from selling securities, stating that the PB & Associates LLC managing member engaged in fraud and withheld information from investors.
PB & Associates is a Texas-based limited liability company.
According to the order, George, also known as Barbara Troutman, allegedly failed to disclose to investors that in 2008 she was charged with two counts of first degree felony aggravated sexual assault of a child. under 14 years old. In March 2009, she pleaded guilty to one charge and had to register for life as a sex offender.
George and managing member Patricia Coleman, of Krum, Texas, also allegedly misled investors by not disclosing PB & Associates’ assets and liabilities, operating history and income, as well as proof of its claims regarding return on investment, according to the ordinance.
George placed an ad on Craigslist advertising the company’s services in the Dallas-Fort Worth area, the order said.
“PB & Associates claims to focus primarily on real estate investing in the ‘Fix and Flips, Long-Term Rentals, and Wholesaling’ market,” says the order, and “offered for sale promissory notes to generate capital from investments in real estate real estate projects.
The company claimed that a $ 5,000 investment would generate a 10% return and that a $ 60,000 investment would generate an 8% return in six months to a year, the order says. The announcement also claimed that investment funds plus interest would be repaid within seven days of the property closing.
The ordinance also noted registration violations. George and Coleman have not been registered with the securities commissioner as brokers, and the proposed loan agreements have not been registered and no permits have been granted for their sale in Texas, the order says. .