Securities board cites Paxton to illustrate investment firm's deceit
AUSTIN - Attorney General Ken Paxton's role in promoting Frederick "Fritz" Mowery's investment firm helps prove a pattern of deceiving clients and covering up financial troubles, the Texas State Securities Board said Friday.
Last month, two judges assigned to help the board decide whether to take away Mowery's ability to advise Texans on investment opportunities said while Mowery did deceive clients and securities board staff, his state registration should not be revoked.
In a 62-page response to the judges' recommendation filed Friday, board staff disagreed, saying Mowery repeatedly "acted with intent to deceive clients and the public" by handing over false documents to state investigators and misleading his clients by lying about a past bankruptcy, among other things.
Paxton's role in Mowery's firm helped prove this pattern of deceit, the filing added.
Read more: http://www.chron.com/news/politics/ken-paxton/article/Paxton-securities-violations-part-of-pattern-to-6448927.php