Texas AG Facing Securities Fraud Charges Turns Self In, Then Released on Bail

Fourth Estate Staff

Dallas, TX, United States (4E) – Texas Attorney General Ken Paxton turned himself in to the Collin County jail on Monday amid allegations he committed securities fraud, but immediately secured his release with a $35,000 bail.

Paxton was arrested for two felony counts of securities fraud and one felony count of not registering as an investment adviser when he appeared in the county jail. His mug shot was taken before he was released on bond.

An indictment unsealed on Monday accused Paxton of selling in July 2011 more than $100,000 of common stock in Servergy Inc. to both State Rep. Byron Cook ( R-Corsicana ) and Joel Hochberg without disclosing he would be compensated for their purchases or was given 100,000 shares of the company.

The other felony charge was committed a year later, when Paxton allegedly acted as investment advisor representative to James and Freddie Henry even if he was not registered with the state’s securities commissioner. Paxton already admitted to failing to register as a financial agent.

Paxton will plead not guilty and will seek a jury trial, his attorney, Joe Kendall, said.

Paxton is returning to Austin to focus on his work, according to Kendall.

Meanwhile, two dozens of Democrats rallied outside the Collin County courthouse Monday and called for Paxton to resign because he is the enforcer of state law but admitted to breaking the law.

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