Texas Attorney General Ken Paxton on Aug. 27 entered a plea of not guilty on felony charges of securities fraud at his arraignment in Fort Worth.
Tarrant County 396th State District Court Judge George Gallagher gave Paxton until Sept. 30 to answer to the charges.
Paxton is accused of encouraging two individuals to buy stock in Severgy, a Collin County-based technology firm, and being compensated for his actions without being registered as an investment advisor in accordance with Security and Exchange Commission regulations. Also Paxton is accused of falsely giving prospective investors the impression that he was an investor in Severgy.
The Texas Rangers turned over evidence gathered during an investigation that ensued when a formal complaint against Paxton, the state’s top legal officer, was lodged in April by Texans for Public Justice, an Austin-based government watchdog group. Paxton was indicted by a Collin County grand jury on July 28.
Court proceedings were moved from Collin County to Tarrant County because of Paxton’s closeness to the courts in Collin County. Paxton served as a state senator representing Collin County from January 2013 until he was elected attorney general in November 2014. He served as the state representative for Collin County and part of Dallas County from 2003 to 2013.
To read the full article, subscribe to the Van Zandt News or pick up a copy from one of our vendors.