Litigation Releases (George Lewis Parsons II)

U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 26042 / July 2, 2024

Securities and Exchange Commission v. George Lewis Parsons II, Civ. Action No. 3:24-cv-01682 (N.D. Tex. filed July 2, 2024)

SEC Charges Dallas-Area Resident with Securities Fraud

The Securities and Exchange Commission announced today charges against George Lewis Parsons II for engaging in an offering fraud that raised over $4.8 million from retail investors.

The SEC's complaint, filed in the U.S. District Court for the Northern District of Texas, alleges that Parsons, through three entities he owned and controlled - Broadcast Your Vision, LLC, BCYV Franchising Group, LLC and Partech Brain Trust, LLC - orchestrated a multimillion-dollar fraud in the offer and sale of securities. The complaint alleges that Parsons falsely told investors that he would use their funds to develop business software and otherwise market and operate these companies, where instead, Parsons misappropriated funds for personal use, including the purchase of real estate, automobiles, jewelry, firearms, and other personal expenses including shopping, restaurants and travel. According to the complaint, Parsons raised over $4,800,000 from approximately 17 investors and used over an estimated $2.8 million of the funds to support his lavish lifestyle before his accounts were seized in a related criminal case.

The SEC's complaint charges Parsons with violating Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder. The SEC seeks against Parsons injunctive relief, disgorgement of ill-gotten with prejudgment interest, a civil penalty, and an officer-and-director bar.

The SEC's investigation was conducted by Brian T. Fitzsimons and supervised by Brian O. Quinn. The litigation will be led by Derek Bentsen and Brian T. Fitzsimons and supervised by James Carlson.

• SEC Complaint