We got this guy who defrauded elderly widows into buying annuities. It's tough to come up with a worse lead-in for an article, no? The good news is that he was sentenced to 40 years in prison. The bad news . . . well, it just doesn't seem to stop.
Mangiafico defrauded several elderly widows by convincing them to liquidate securities, holdings in brokerage accounts, or other assets, and transfer the funds to him or a Frisco company, Security Financial Services LLC (SFS), which was formed by Thomas Earl Grimshaw.Mangiafico told the women he would buy annuities from legitimate insurance companies. Instead of purchasing the annuities, Mangiafico deposited the women's money into bank accounts held in his name, Grimshaw's, and SFS. Mangiafico used the victims' money to pay his personal expenses and to continue perpetrating the fraud.
The State Securities Board and the Carrollton Police Department on Nov. 21 raided the Carrollton-based investment business of Robert Joseph Mangiafico Jr. (right), a career criminal currently on parole from a 40-year prison sentence for stealing $655,000 from elderly widows in the Dallas area.
enter the suspected place and premises being . . . a one-story, multi-unit complex with a combination red brick and white stone facade . . . Entry into the office is located at the rear of the complex, in the northeastern corner directly adjacent to covered parking spots. A small vestibule encloses a dedicated glass door with the words "Premier Resources" painted on the door along with a telephone number, website, and the business hours. "106" is affixed in gold numbers on the top of the door.
(1) Records that identify and provide the location of people who have purchased units of participation in or under oil, gas, or mining leases and/or investment contracts.
Premier Resources claims to have purchased 61 wells, including 26 producing wells in three different wellfields in southern Oklahoma. Premier Resources and Mangiafico are telling investors that units purchased in the project may produce an annual return of 29% provided the benchmark price of oil is at least $50 per barrel.Mangiafico is paying sales agents based on the number of units they sell in the project, called Oklahoma Premier Trinity.Mangiafico has been managing Premier Resources since being paroled. According to the order, Mangiafico even oversaw company operations during a recent, seven-week stay in the Denton County jail.. . .Premier Resources is offering units in the Oklahoma Premier Trinity for $200,000 per unit or $25,000 for one-eighth of a unit.The annual return on investment could rise to 35% if the price of oil increases to $65 per barrel, according to the order.Mangiafico is offering the Premier Resources investments under Regulation D, Rule 506, a federal provision that preempts the ability of states to require registration of securities.
1. The units issued by Oklahoma Premier Trinity are securities as the term is defined by Section 4.A of the Texas Securities Act.2. Respondents Premier Resources and Mangiafico are violating Section 7 of the Securities Act by offering securities for sale in Texas at a time when the securities are not registered with the Securities Commissioner.3. Respondents Premier Resources and Mangiafico are violating Section 12 of the Securities Act by offering securities for sale in Texas without being registered pursuant to the provisions of Section 12 of the Securities Act.4. Respondents Premier Resources and Mangiafico are engaging in fraud in connection with the offer for sale of securities.5. Respondents Premier Resources and Mangiafico have made an offer containing a statement that is materially misleading or otherwise likely to deceive the public.6. The conduct, acts, and practices of Respondents Premier Resources and Mangiafico threaten immediate and irreparable public harm.7. The foregoing violations constitute bases for the issuance of an Emergency Cease and Desist Order pursuant to Section 23-2 of the Texas Securities Act.
22. Respondent Mangiafico is a paroled white-collar criminal, and he has been prosecuted for at least six felonies and an enhanced misdemeanor.
23. Respondent Mangiafico was recently released from prison on parole, and he has been managing Respondent Premier Resources while on parole.A. Mangiafico was recently prosecuted for theft and money laundering for stealing $655,000 from elderly widows. On or about September 18, 2013, he was convicted of convicted of theft in excess of $200,000.00, a first-degree felony, and sentenced to serve 40 years in state prison in State v. Mangiafico Case No. 380-8074972011, in the 380th Judicial District Court for Collin County, Texas. On the same day, he was also convicted of money laundering in excess of $200,000.00, a first-degree felony, and sentenced to serve 40 years in state prison in State v. Mangiafico, Case No. 380- 80749-2011.B. On or about July 29, 2010, Mangiafico pleaded guilty to theft of $20,000.00 or more but less than $100,000.00 from an elderly individual, a second degree felony, in State v. Mangiafico, Case No. D-1-DC-08-302443 in the 403rd Judicial District Court of Travis County, Texas. He was later ordered to serve a 10-year term of deferred adjudication community supervision, conditioned by a requirement that Mangiafico pay $21,646.33 to victims of his crime.C. On or about July 29, 2010, Mangiafico pleaded guilty to theft of $1,500.00 or more but less than $20,000.00, a state jail felony, State v. Mangiafico, Case No. D-1-DC-09-900161 in the 403rd Judicial District Court of Travis County, Texas. He was sentenced to serve 30 days in county jail pursuant to Section 12.44A of the Texas Penal Code.D. On or about October 20, 2009, Mangiafico pleaded guilty to driving/boating while intoxicated, an enhanced offense, in State v. Mangiafico, Case No. CR-2008-07237-E in Criminal Court No. 5 of Denton County, Texas. He was sentenced to serve 100 days in county jail.E. On or about August 25, 2003, Mangiafico pleaded guilty and true to the unauthorized use of a motor vehicle, a state jail felony, in State v. Mangiafico, in Case No. 199-80212-03 in the 380th Judicial District Court of Collin County, Texas. He was later sentenced to serve the maximum sentence of 180 days in a state jail facility.F. On or about June 30, 2003, Mangiafico pleaded guilty to theft of property of the value of $1,500.00 or more but less than $20,000.00, a state jail felony, in State v. Mangiafico, Case No. F-02-35355-IM in the 194th Criminal District Court of Dallas County, Texas. He was sentenced to serve 180 days in a Texas state jail facility.24. Respondent Mangiafico was recently arrested for a traffic violation, and he has been managing Respondent Premier Resources from county jail.