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

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