Texas Securities Board Warns Investors of Fake Texas Stock Exchange Scam Targeting Social Media Users

The Texas State Securities Board is alerting investors to a growing online investment scam in which criminals are impersonating the Texas Stock Exchange to steal money from unsuspecting victims. The scheme relies on a convincing but fraudulent website and aggressive outreach through social media messaging platforms.

According to the Securities Board, scammers are contacting potential investors through WhatsApp, Telegram, and other social media group chats, offering what appear to be legitimate investment opportunities. The imposters claim to represent the Texas Stock Exchange and often introduce themselves using the names of leaders associated with the real exchange. Victims are then directed to a look-alike website that closely mimics the legitimate Texas Stock Exchange site, including the use of the official logo, to sign up and begin trading.

State officials stress that legitimate stock exchanges and licensed financial professionals do not recruit investors through social media group chats. The use of unsolicited messages, promises of quick or unusually large returns, and pressure to act quickly are key warning signs of a scam.

The Securities Board is urging Texans to carefully check website addresses, as scammers often register domain names that differ from real sites by only a few letters. Investors are also encouraged to avoid clicking on links sent through social media and instead independently search for a company’s official website or verify its legitimacy directly with regulators. In some cases, fraudulent websites may also expose users to malware or other cybersecurity threats.

Director of Enforcement Jeramy Heintz said the schemes not only put investors at financial risk but also damage the reputation of legitimate, registered market participants. He emphasized the importance of skepticism when dealing with investment offers that originate online and were not actively sought out by the investor.

Anyone who believes they may have been targeted or victimized by an impersonation or investment fraud scheme is encouraged to contact the Texas State Securities Board’s Enforcement Division by phone at 512-305-8392 or by email at enforceinfo@ssb.texas.gov.