SEC Charges Texas Man For Operating an Investment Scheme

The Securities and Exchange Commission (SEC) charged a Texas mortgage investment manager with operating a $22.7 million investment scheme that scammed 100 investors from across the United States. Thurman P. Bryant III of Sherman Texas, and his company, Bryant United Capital Funding, used the scheme to promise investors 30 percent of annual returns on their money. The scheme occurred since March of 2011. Bryant told investors that their profits would come by funding mortgages and immediately selling them to third parties for a fixed fee. He allegedly told investors that their funds would be placed in a safe escrow account to serve solely as proof of funds to secure a line of credit from which his company would fund the mortgage loans. Bryant also sent account statements to investors that were false. Instead, he used $16.1 million of the investment money for high-risk securities trading and investments in businesses and took $4.8 million to cover personal expenses, including luxury car payments, payments to a housekeeper, meals, groceries, private school tuition, rent and horse riding expenses. He also allegedly paid off earlier investors with money from the more recent ones, indicative of a ponzi scheme. Currently, a receiver has been appointed over defendant assets, a temporary restraining order has been entered as well as an asset freeze. Please call our securities law offices in Chicago today if you suffered investment losses with Thurman Bryant. We may be able to help you recover them on a contingency fee basis.