Prestige Equity Ordered to Cease and Desist Operations; Accused of Being a Fraudulent Investment Scheme

Sonn Law Group is interested in speaking with investors in Dallas-based Prestige Equity, which has been accused by the Texas Securities Commissioner of fraud.

If you invested in Prestige Equity your investment may be at risk. Texas State Securities Board has accused Prestige Equity and its principals – Grant Myers, Robert Clemmons, William Clark, Miranda Shawns, and Felix Crayborn – of running a fraudulent investment scheme. Contact Sonn Law Group 24/7 for a free consultation. To do so call 844-689-5754 or reach us via email using our confidential online form.

Overview of the Case Against Prestige Equity

On July 1, 2021, a Cease and Desist Order was entered against Prestige Equity, which is accused of illegally offering lucrative investments tied to a private equity fund. The Order also named Robert Clemmons, the Senior Account Manager of Prestige Equity, Felix Crayborn, a Director and CEO of Prestige Equity, Grant Myers, a director and COO of Prestige Equity, William Clark, a director and CFO of Prestige Equity, and Miranda Shawns, a director and Chief Marketing Officer of Prestige Equity, as respondents.

The Order alleges that the respondents claim that investors become limited partners in a private equity fund and the principal is used for a variety of purposes, including creating secured, high-interest asset-backed small business loans, and investing in real estate. The transactions purportedly generate enough revenue to allow Prestige to guarantee investors annual returns of 12%. However, the Order alleges that the scheme itself is fraudulent.

Prestige Equity purportedly misrepresented to investors that they will become limited partners in the private equity fund, despite the fact that the investors do not actually purchase limited partnership interests. The contract executed by investors states that they will open accounts at Prestige Equity, not that they are receiving a limited partnership interest. Additionally, none of the individual respondents have been registered to sell securities at all, and the private equity investments were not registered or permitted for sale in the state of Texas.

Additionally, the respondents allegedly told investors that the company was founded in Dallas in 2001, despite the fact that Prestige was not organized until 2021.

If you invested in Prestige Equity your investment may be at risk. Texas State Securities Board has accused Prestige Equity and its principals – Grant Myers, Robert Clemmons, William Clark, Miranda Shawns, and Felix Crayborn – of running a fraudulent investment scheme. Contact Sonn Law Group 24/7 for a free consultation. To do so call 877-959-6467 or reach us via email using our confidential online form.