Texas Securities Commissioner Bans the Sale of Pension Streams

Posted on February 10th, 2016 at 5:09 PM
Texas Securities Commissioner Bans the Sale of Pension Streams

From the Desk of Jim Eccleston at Eccleston Law LLC:

Andrew Gamber, through his Jackson, Mississippi-based Sobell Corp. offered a product to retail investors called “Pension Income Stream Program.” The program made agreements with recipients of pension benefits to sell their income stream to retail investors ranging from $35,000 to $1 million. He promised investors annual returns of 7% to 8% on the streams.

According to the Texas Securities Board, the recipients of the pension benefits are most often veterans and disabled persons who are often solicited while under “financial distress.” As a result Texas Securities Commissioner, John Morgan, issued an emergency cease and desist order requiring Gamber to stop selling the pension streams in Texas.

Additionally, Morgan charged that Sobell and Gamber engaged in fraud through “misleading and deceiving” investors in the sale of unregistered securities. Mr. Gamber also failed to disclose sanctions imposed upon him in Arkansas, Pennsylvania, California, and New Mexico between 2013 and 2014.

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today. 


Related Attorneys: James J. Eccleston

Tags: Eccleston, Eccleston Law, Eccleston Law LLC, James Eccleston,

Return to Archive



Hiring Eccleston Law has been one of the best career decisions I have made and this "investment" to maintain my sterling regulatory record has been returned many times over.  If you are in a situation where you've been unfairly accused, don't hesitate to talk with Eccleston Law. They are the best.

Thomas C.


August 15, 2022
FINRA Proposal Would Permit Private Homes to Serve as Non-Branch Offices

The Financial Industry Regulatory Authority (FINRA) has filed proposed changes to FINRA Rule 3110 with the Securities and Exchange Commission (SEC).

August 12, 2022
SEC Charges J.P. Morgan, UBS, and TradeStation for Deficiencies Pertaining to the Prevention of Customer Identify Theft

The Securities and Exchange Commission (SEC) has charged J.P. Morgan Securities, UBS Financial Services, and TradeStation Securities over deficiencies in their programs designed to prevent client identify theft, which violates the SEC’s Identity Theft Red Flags Rule, or Regulation S-ID.

August 11, 2022
FINRA Suspends Former Schwab Advisor for Failing to Disclose Felony Charges

The Financial Industry Regulatory Authority (FINRA) has suspended a former Charles Schwab advisor who allegedly failed to disclose multiple felony charges.