Bryant United Capital Funding, Inc. and Thurman P. Bryant, III – Goodman & Nekvasil P.A. May Recover Investor Losses
Securities and Exchange Commission Charges Bryant United Capital Funding, Inc. and Thurman P. Bryant, III
On May 15, 2017, the Securities and Exchange Commission filed an emergency action to stop a fraudulent mortgage investment scheme that raised approximately $22.7 million from approximately 100 investors.
The SEC’s complaint filed under seal in federal court in Sherman, Texas on May 15, 2017 and unsealed on May 19, 2017, alleges that Frisco, Texas resident Thurman P. Bryant, III and his company, Bryant United Capital Funding, Inc. (BUCF), have raised approximately $22.7 million from approximately 100 investors across the country, approximately $1.4 million of which Bryant has raised just since January 2017. Bryant falsely promised these investors a risk-free, guaranteed minimum 30% annual returns on investments Bryant claimed he would make in the mortgage industry. Specifically, he allegedly told investors that BUCF would fund mortgages, and that those mortgages would be immediately sold to third parties in exchange for a fixed fee. He also allegedly told investors that their funds would be placed in a safe escrow account to serve solely as proof of funds to secure a line of credit from which BUCF would fund the mortgage loans. In addition, Bryant and BUCF allegedly sent investors monthly account statements purportedly showing that their initial investment monies were still safe in an escrow account.
The SEC alleges, however, that Bryant’s representations were false. The complaint alleges, for instance, that contrary to what he told investors, Bryant commingled investor funds in a single deposit account and intentionally misappropriated $4.8 million to cover personal expenses, including rent and luxury car payments, a housekeeper, meals and groceries, private school tuition, horse riding expenses, and for an apartment; funneled approximately $16.1 million to Houston, Texas-based relief defendants Arthur F. Wammel and Wammel Group for high-risk securities trading and investments in various businesses; sent $1.37 million to supposed concert promoter Carlos D. Goodspeed d/b/a Top Agent Entertainment for no apparent legitimate or lawful reason; sent $140,000 to Thurman P. Bryant, Jr. as purported but unearned investment returns; and made Ponzi payments to investors. The SEC also alleges that the monthly account statements defendants distributed were false, misleading, and served to further their fraudulent scheme.
The SEC’s complaint charges Bryant and BUCF with violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The SEC seeks permanent injunctions, civil penalties, and disgorgement with prejudgment interest.
Investors in Bryant United Capital Funding, Inc. May Recover their Losses with Goodman & Nekvasil, P.A.
If you invested in Bryant United Capital Funding, Inc., Goodman & Nekvasil, P.A. may help you. Goodman & Nekvasil, P.A., a Clearwater, Florida, law firm with a national practice representing victimized investors, has recovered more than $180 million dollars on behalf of victimized investors.
All our cases are handled on a purely contingency fee basis by Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA. Kalju Nekvasil, Esq. has practiced in this area of the law for more than 35 years.
There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
If you incurred investment losses in Bryant United Capital Funding and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.