The SEC sued a number of individuals who used mailing lists to target seniors for investments in "guaranteed" and fully-collateralized promissory notes. The individuals distributed literature stating that the lengthy, complicated, and expensive Texas probate process could be overcome by employing their company’s planning services. Investors were urged to liquidate their legitimate, safe investments; to withdraw funds from their IRAs; and to invest in high-risk investments. Investors were told their investments would be used to fund business ventures, none of which existed. Instead, investor funds were misappropriated to inappropriate uses as the construction of a lake home.
