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Fraud News: Shari Mattingly Bevan Case Update (2024)

A disgraced financial broker, Shari Mattingly Bevan lost her license after orchestrating a fraud involving over $100 million.

A lawyer and a financial planner are now her titles. Shari Mattingly Bevan is a practicing attorney with the designations of ChFC and CLU.

Her previous experience includes running TLC Investments & Trade Co.

The following were previous names for this business: TLC America, Inc., TLC Development Inc., TLC Real Properties RLLP-1, and TLC Brokerage Inc. 

The court ruled that Shari’s company had to pay a disgorgement of $106.6 million after a massive scam.

According to information provided by the SEC, the companies were prohibited from violating the Securities Act of 1933’s registration and antifraud provisions, as well as Sections 5(a), 5(c), and 17(a), Rule 10b-5, and Section 10(b) of the Securities Exchange Act of 1934.

The final verdict also mandated that the court-appointed receiver of Shari Mattingly Bevan’s enterprises pay a civil penalty equivalent to any amount received beyond $106.6 million.

The Permanent Injunction Final Judgment was accepted by every one of the TLC entities, including TLC Investments & Trade Co.

SEC Charged Shari Mattingly Bevan and TLC Investments & Trade Co.

(Source)

It has been stated by the SEC that the TLC businesses were involved in securities fraud from the year 1998 to October of the following year.

With the assistance of more than 1800 investors, they were able to acquire more than $150 million via the use of a Ponzi scheme involving real estate. 

The majority of these investments came from older individuals.

These companies offered them returns of up to 15% and told them that their money would be safe and liquid.

The SEC’s lawsuit alleges that the owners of these entities used at least $28.3 million in investor funds on racehorses, transferred them overseas, used them for bank schemes, and paid off other investors. 

Shari Mattingly Bevan is the subject of a cease-and-desist order from the California Corporations Commissioner:

In addition to the SEC’s proper response, regulatory actions against Shari were also taken by the California Corporations Commissioner.

Promissory notes and real estate investment agreements were among the investment instruments the TLC entities created, according to the paper. It also used investment contracts in some cases. 

All of these securities fall under the CSL. To promote and sell these financial products, TLC deployed two investment programs:

Tax Lien Certificates  

Opportunity Properties

TLC said these securities had a one-year expiration date. The principal amount and an interest rate ranging from 8% to 15% were disclosed to investors at the time of the investment’s maturity.

TLC said these securities had a one-year expiration date. The principal amount and an interest rate ranging from 8% to 15% were disclosed to investors at the time of the investment’s maturity. A year’s worth of money may be “rolled over” by investors if they so want.

Shary Mattingly Bevan and TLC made many offers to “roll over” the money, as the watchdog notes.

In addition, what is essentially a “rollover” as a separate sale of securities is forbidden under the California Corporate Securities Law of 1968, Corporations Code 25000 et seq.

TLC established a network of sales representatives to market these assets.

After everything was said and done, over 1800 investors contributed over $156 million.

Regretfully, these resources did not fulfill California’s standards. Furthermore, after joining the organization as an agent, Shari began pitching TLC products to investors in California.

A commission of four to six percent was collected by Shari on the assets she sold, according to the complaint. Furthermore, each time a customer reinvested their initial sum, she would get an additional charge. 

Extra Information Regarding the Case:

Furthermore, since these TLC securities employed false statements in their advertising, they violated the California Corporate Securities Law of 1968, Corporations Code 25000 et seq.

She overstated a few things in brochures and other marketing and sales materials. She also deceived investors and neglected to do the necessary investigation to confirm the accuracy of the claims made in the pamphlets.

She specifically gave investors the assurance that, as the investor was a tenant in possession of the property, the Tax Lien Certificates were safe, readily converted, and subject to deferred taxes.

Nevertheless, TLC was covertly adding the names of its investors to the titles of the homes it had bought. They felt uneasy as a consequence. 

Shari Mattingly Bevan never informed potential investors about the SEC’s case against TLC’s business

Shari Mattingly Bevan kept this information hidden, although the investors would have profited from knowing it.

Furthermore, she disclosed to the investors that the Tax Lien Certificates would provide a fixed interest rate ranging from eight percent to fifteen percent. To be honest, TLC was never successful. Particularly during the period when Shari had made these claims.

The company had suffered a nearly $15 million loss.

TLC used the money it received from new investors to pay interest to its prior investors. That’s why it had the appearance and feel of a Ponzi scheme.

“The California Corporations Commissioner Claims Shari Mattingly Bevan Omitted Material Information from Disclosures Made to Potential Investors.”

Shari Mattingly Bevan has misled her investors on a critical issue twice already.

She failed to mention that potential investors might be charged up to 6% for each investment and rollover.

She also neglected to reveal that they received “override” commissions on sales made by the agents they brought on board.

[Name] Shari Mattingly Bevan decided not to tell the investors that there were people up here who were willing to pay commissions.

Shari concealed from the investors the SEC’s claims that TLC had engaged in securities fraud.

Shari sold eighteen gullible victims in California unlawful securities worth over $1.3 million on identical pretenses. She received commissions on several purchases totaling more than $82,000.

Shari was prohibited from selling any securities in California by a stop and desist order issued by the Commissioner due to his breach of section 25110 of the CSL.

Is Shari Mattingly Bevan Missing?

Now, Shari practices law. Planning for the future, litigation concerning trusts and estates, and trust and estate administration are the main areas of her work.

Heading up Shari Mattingly Bevan, a Santa Ana, California legal company, is Shari.

She has the qualifications of a Chartered Life Underwriter (CLU) and Chartered Financial Consultant (ChFC) apart from that.

She claims to be well knowledgeable in long-term planning, financial guidance, and retirement planning.

She may be reached at her office at 330 East Coffee Street, Greenville, SC 29601. She may also be reached at 864-283-6906 (ext.

According to reports, she also owns Bevan Wealth and Tax Strategies. 

Conclusion

Whatever her qualifications m, it is evident that Shari Mattingly Bevan is dishonest about her finances.

Over eighty thousand dollars was made by her via the Ponzi scheme that she sold to seniors in the state of California.

She was barred from selling any assets in the state of California due to regulatory action brought against her by the California Corporations Commissioner.

The reliability of her services in financial planning is questionable.

Fraud News: Chris Rapczynski Case Update (2024) – Huff Press (huffingtonpress.com)

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