On August 20, 2008, the Securities and Exchange Commission filed an action in Dallas federal court to halt an alleged unregistered and fraudulent offering of securities by Patrick H. Haxton of Carrollton, Texas, and his company Royal Forex Management, LLC ("Royal"). The securities were investment contracts involving the trading of foreign currencies on the Forex market. On August 21, 2008, United States District Judge Sam A. Lindsay entered a temporary restraining order suspending the offering and orders freezing the defendants' assets, requiring sworn accountings, prohibiting any alteration or destruction of documents and expediting discovery. The court set a hearing for September 4, 2008 to consider the Commission's application for preliminary injunctive relief.
The defendants named in the Commission's Complaint are:
Patrick H. Haxton, age 51, of Carrollton, Texas, the owner and sole manager of Royal; and
Royal Forex Management, LLC, a Texas limited liability corporation operated out of Haxton's Carrollton home.
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