The SEC barred a former Texas adviser for defrauding clients, including friends and business associates, out of $2.12 million in a part-Ponzi scheme.

Ex-adviser Wade James Lawrence, who is now in prison for the scheme, pled guilty to one count of securities fraud in which he solicited funds from clients for high-risk investments, including options on the Chicago Board Volatility Index, by promising a 20% to 100% return, according to the SEC and federal court authorities.

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