The Texas securities commissioner John Morgan ordered Mississippi-based SoBell Corp to stop selling investments in pension benefits that it acquires from federal government employees and military members. SoBell was ordered to stop selling its “Pension Income Stream Program” in Texas. According to a statement, SoBell uses recipients of pension benefits to sell their income stream to investors for at least $35,000 to more than $1 million, offering annual returns of seven to eight percent. Many of the recipients of the benefits are often veterans and disabled persons and may be solicited while in “financial distress.” SoBell and its owner, Andrew Gamber, were accused of engaging in securities fraud by selling unregistered securities while making misleading and deceiving statements to investors. Mr. Gamber also failed to disclose sanctions that state securities regulators imposed against him from 2013 until 2014 in Arkansas, Pennsylvania, California and New Mexico.
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