FORT WORTH (CN) — The SEC sued Texas wealth manager and former radio talk show host Bobby Guess in Federal Court, seeking enforcement of a Rule 45 subpoena.
Guess, of Frisco, hosted the “Dollars & Sense” radio show on Dallas radio. In August, the Texas State Securities Board ordered him and his company, Texas First Financial, to cease and desist selling unregistered securities, and Guess himself of being an unregistered securities dealer.
The Securities Board order said Guess continued to sell promissory notes without disclosing that a judge on had issued a search warrant authorizing seizure of Texas First Financial records for an investigation.
The promissory notes for internet ad firm Starmedia allegedly helped that firm’s principals carry out a $1.4 million Ponzi scheme, according to the cease-and-desist order.
Bobby Eugune Guess was an owner and vice president of Georgia-based Credit Nation when the SEC sued it in 2015, also on Ponzi allegations. The company was placed in receivership. The Atlanta Journal-Constitution described Guess as a “pitch man” for Credit Nation, which advertised on the Rush Limbaugh show.
That SEC complaint claimed that “Guess represented the investment [in Credit Nation Capital] was ‘backed by hard assets dollar for dollar’ when in truth and fact the company’s liabilities dwarfed its assets and the company sustained multimillion-dollar per year operating losses,” according to the Securities Board order.
Guess is also the author of the 2014 book, “Robbed with a Pen Again: a Guide to Protecting Your Assets.” He advertises the book on his Texas First Financial website, checked Monday morning: “I will show you how you can keep yourself from being scammed by financial predators and reveal some of the latest ways the industry and agents attempt to deceive you with high commission products. Just pay shipping and handling.”
A Rule 45 subpoena seeks to compel attendance for a deposition.
The SEC application for the order compelling compliance with the subpoena, filed Friday, involves a federal civil complaint in the Northern District of Georgia.