Shari Mattingly Bevan – Stole $80,000 from Senior Citizens
Shari Mattingly Bevan is a disgraced financial broker who lost her license after running a $100 million+ scam.
Now, she has become a lawyer and financial planner. Her current venture is Shari Mattingly Bevan, Attorney at Law, ChFC, CLU.
Before this venture, she used to run TLC Investments & Trade Co.
Some other names of this company were TLC Real Properties RLLP-1, TLC Brokerage Inc, TLC America Inc and TLC Development Inc.
The court ordered Shari’s company to pay $106.6 million in regorgement after it ran a nationwide scam.
According to the SEC’s disclosure, the final judgment enjoined the companies from future violations of the registration and antifraud provisions of Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933, Rule 10b-5 and Section 10(b) of the Securities Exchange Act of 1934.
Furthermore, the final judgment said if the Court-appointed receiver for Shari Mattingly Bevan’s companies recovered more than $106.6 million, the additional funds will serve as a civil penalty.
TLC Investments & Trade Co, along with the other TLC firms, consented to the Final Judgment of Permanent Injunction.
SEC’s Complaint Against Shari Mattingly Bevan and TLC Investments & Trade Co.
According to the SEC, the TLC companies committed securities fraud between 1998 and October 2000.
They ran a real estate Ponzi scheme and raised more than $150 million from 1800+ investors.
Most of these investors were senior citizens.
These companies promised them a safe and liquid investment which guaranteed returns of up to 15%.
SEC’s complaint says the principals of these companies misused at least $28.3 million of investor funds to buy racehorses, wire funds overseas, invest in bank schemes and pay other investors.
Desist and Refrain Orders By the California Corporations Commissioner Against Shari Mattingly Bevan:
After the SEC took the necessary action, the California Corporations Commissioner took regulatory action against Shari as well.
It says the TLC entities issued investment instruments as real estate investment agreements and promissory notes. Also, it used investment contracts in some cases.
All of these are securities that fall under the CSL. TLC was offering and selling these investment products by using two investment programs:
- Tax Liens Certificates
- Opportunity Properties
TLC said that the term of these securities was one year. It told investors the interest rate was between 8% and 15%, and that they would pay the principal back when the securities matured.
TLC said that the term of these securities was one year. It told investors the interest rate was between 8% and 15%, and that they would pay the principal back when the securities matured. At the end of each year, the investor had the option to “roll over” his or her investment for another year.
The watchdog points out that each offer by Shary Mattingly Bevan and/or TLC to “roll over” the investment was a separate offer.
Furthermore, each “roll over” is a separate sale of securities in violation of the California Corporate Securities Law of 1968, Corporations Code 25000 et. seq.
TLC sold these securities by using a network of sales agents.
Eventually, it raised over $156 million from over 1800 investors.
However, these securities did not match the qualifications in the State of California. Furthermore, Shari became an agent of TLC and sold their products to California investors.
The complaint points out that Shari received around 4.5% to 6% commission on the investments she sold. Moreover, whenever an investor reinvested their initial investment, she received another commission.
Additional Details On the Case:
The order highlights that Shari did not have any license to sell such securities.
Furthermore, these TLC securities were using false statements to promote themselves, violating the California Corporate Securities Law of 1968, Corporations Code 25000 et. seq.
She offered and sold them by using brochures and materials which contained many false statements. Moreover, she made false representations to investors and didn’t perform any independent due diligence to confirm whether the claims present in the brochures were true or not.
Specifically, she told investors that the Tax Lien Certificates were safe, liquid and tax-deferred because the investor held title to the property as a tenant.
However, TLC was actually placing investors on the deeds to the properties it had bought. Hence, they were not secure.
Shari Mattingly Bevan never informed potential investors about SEC’s case against TLC entities
This information would have helped the investors make better decisions but Shari Mattingly Bevan withheld them.
Furthermore, she told the investors that the Tax Lien Certificates would pay them a fixed interest rate ranging from 8% to 15%. In reality, TLC never made any profit. Particularly, between the duration Shari had made these claims.
Instead, the company had lost around $15 million.
TLC had used the funds it received from new investors to make the interest payments of its old investors. Hence, it was operating like a Ponzi scheme.
“Shari Mattingly Bevan Failed to Disclose Vital Facts to Potential Investors – California Corporations Commissioner”
Again, Shari Mattingly Bevan failed to disclose this vital information to the investors.
She failed to inform potential investors that they received a commission of up to 6% on every investment as well as on every roll over.
Also, she didn’t inform them that they received ‘override’ commissions on the sales of their recruited agents.
Shari Mattingly Bevan didn’t even tell the investors that there were people above here who received commissions.
When the SEC filed a complaint of committing securities fraud against TLC, Shari didn’t share this info with the investors.
Under such false pretenses, Shari sold over $1.3 million in illegal securities to 18 victims in California. She made over $82,000 in commissions from these sales.
Hence, the Commissioner released a desist and refrain order, prohibiting Shari from elling any securities in California for violating section 25110 of the CSL.
Where is Shari Mattingly Bevan Now?
Now, Shari has become a lawyer. She focuses on estate planning, estate and trust litigation and estate and trust administration.
Shari runs the Law Offices of Shari Mattingly Bevan in Santa Ana, California.
Apart from that, she is a licensed Chartered Life Underwriter (CLU) and Chartered Financial Consultant (ChFC).
She claims to have extensive experience in retirement planning, financial advisory and long term planning.
Her office is located at 330 E Coffee St, Greenville, SC 29601. Similarly, her contact number is 864-283-6906.
She also claims to run Bevan Wealth and Tax Strategies.
No matter what qualifications she has, one thing is obvious: Shari Mattingly Bevan committed financial fraud.
She made over $80,000, selling a Ponzi scheme to senior citizens in California.
The California Corporations Commissioner took regulatory action against her and barred her from selling any investments in California.
Certainly, you can’t trust her financial planning services.
Shari Mattingly Bevan promoted the TLC Investments scam in California and made over $80,000 from it. The scam itself made over $100 million by targeting senior citizens. She is prohibited from offering any financial advisory services in California because of these acts.
- Was part of a $100 million+ nationwide scam
- Made $82,000 from scamming senior citizens in California
- Barred from providing financial advisory services in California