SEC v. Brady Jack Speers

Brady Jack Speers, Chatree Thiranon, and GHAP, LLC d/b/a Blue Star Texas allegedly engaged in a fraudulent house-flipping scheme that raised almost $8 million from 40 investors through the unregistered sale of promissory notes. According to the SEC, Speers, Thiranon, and Blue Star misrepresented and omitted material information. The SEC also alleged that Blue Star told investors that their funds were secured by property interests in the real estate assets underlying the investments, when, in reality, Blue Star only secured investor interests in isolated instances and sometimes never even held title to the properties at issue. The SEC also alleged that Blue Star rolled over investor funds to other projects without investor authorization. Additionally, the complaint alleged that Blue Star touted Speers’s success as a businessman without also disclosing that the SEC charged him with violations of the antifraud and registration provisions of the federal securities laws in 2015 and that he filed for personal bankruptcy on two separate occasions.

Summary generated from official Securities and Exchange Commission press release