For Professionals & the Industry
Registration of Dealers & Investment Advisers
Regulation of Securities Offerings
For Investors

Learn the CORE FOUR
Learning about investing starts with the CORE FOUR: Making Investments, Investing for Retirement, Choosing a Financial Professional, and Scams & Unsuitable Investments. All are available in Spanish.

Order the 2020 Texas Investor Guide
Order the 10th anniversary edition of the Texas Investor Guide: Strategies for Investing Wisely and Avoiding Financial Fraud. For free copies, provide a mailing address to txig@ssb.texas.gov. The Investor Guide is also in Spanish.
The Latest News & Publications
Josip Heit’s Latest Alleged Fraud Case Set for April 8, 2025
In September 2024, the Texas State Securities Board settled its allegations against Josip Heit and various other respondents often referred to as GSB Group or GSB Germany. The parties executed a term sheet that required Heit and other respondents, in...
Millions to be Returned to Retirement Value Investors
Last Friday, Travis County State District Judge, Maya Guerra Gamble, ruled in favor of a motion to distribute more than $4.5 million to investors in Retirement Value, LLC (RV). The motion was filed on March 4, 2025, by Michael D...
Josip Heit Accused of Launching a New Fraudulent Investment Scheme
DURING THE SETTLEMENT OF ALLEGATIONS OF PERPETRATING A PREVIOUS FRAUDULENT SCHEME
US CLIENTS ARE ALLEGEDLY BEING OFFERED DIGITAL ASSETS THAT PURPORTEDLY PAY “LIFECHANGING” RETURNS
Securities Commissioner Travis J. Iles entered an Emergency Cease and Desist Order to stop offers of...
Texas joins Multiple States in $106 Million Restitution Settlement with Vanguard for Supervisory and Disclosure Failures
The Texas State Securities Board announced today that it joined a taskforce of state securities regulators and the United States Securities and Exchange Commission (SEC) in a $106 million restitution settlement with Vanguard Marketing Corporation (VMC) and The Vanguard Group...
About the Texas Securities Board
Our Mission
The State Securities Board is responsible for administering and enforcing the Texas Securities Act. The mission of the State Securities Board is to protect Texas investors. Consistent with that purpose, the Agency seeks to ensure a free and competitive securities market for Texas, increase investor confidence, and thereby encourage the formation of capital and the creation of new jobs in Texas.