Dallas Man Billing Self As Financial Guru Via Investment Seminars Arrested In Alleged Ponzi Scheme

DALLAS, TX — Texas State Securities Board officials on Tuesday announced the arrest of Bobby Eugene Guess — who billed himself as a Metroplex financial maven through radio ads and investment seminars — for perpetuating what they called a Ponzi scheme defrauding investors of $6 million.

The arrest follows a Dec. 15 indictment of Guess by a Collin County grand jury for securities fraud, theft, money laundering and engaging in organized criminal activity, according to securities regulators. The indictment alleges Guess and sales associates sold $6 million in notes, stock certificates and investment contracts in StaMedia of Dallas.

Guess is founder and CEO of Texas First Financial LLC in Frisco. Although he has promoted and sold high-yielding securities in various investment programs, he hasn't been licensed to sell securities in Texas since 2011, officals said.

The indictments allege Guess perpetuated a Ponzi scheme in raising money for investments in two separate companies. Investor funds raised through Guess were allegedly used to repay previous investors in StaMedia the returns they were promised. The Texas State Securities Board has posted the indictment and other public recordsin the criminal and administrative cases against Guess.

Guess also failed to disclose that funds raised from investors in StaMedia were used to repay investors in TenList Inc., a Frisco-based company owned by two Guess associates, Timothy Booth and Shawn Sandifer, officials said. Booth was indicted Nov. 17 in Collin County for securities fraud and other charges in connection with the sale of investments in StaMedia, officials added. That indictment alleges he spent some of the funds raised for StaMedia on luxury automobiles – including a Mercedes Benz and a Ferrari – and other personal expenses.
Booth's wife, Cammie R. Booth, was indicted Sept. 22 on charges that including making false statements to obtain property or credit, officials noted. She allegedly made the false statements to luxury automobile dealerships in Plano.
The indictment of Guess alleges that he raised millions from investors in StaMedia from 2014 to 2016 without disclosing StaMedia had negligible revenue and net income since its founding in 2013, according to regulators. The indictment alleges that Guess concealed ongoing federal investigations into his sale of investments.
The Collin County indictment followed the seizure of business records from Texas First Financial on Aug. 5. The Secret Service and the State Securities Board assisted in the execution of the warrant, which was issued Aug. 5 by Collin County State District Judge Mark J. Rusch.
On Aug. 15, Texas Securities Commissioner John Morgan entered an Emergency Cease and Desist Order that required Guess to stop engaging in fraud in marketing promissory notes tied to a wide array of businesses.
The emergency order cited Guess’ failure to disclose to potential investors the issuance and execution of the search warrant, among other violations of the Texas Securities Act.

After Guess challenged the entry of the Emergency Order but failed to appear at a proceeding before State Office of Administrative Hearings Judge Fernando Rodriguez, the judge entered a Default Order against Guess on Sept. 8, officials said.

>>> Image via Shutterstock