According to Bloomberg, the United States Securities Exchange Commission has obtained an asset freeze of those associated with deceased Houston money manager Joel Salinas, who is accused of running a Ponzi scheme that took in over $50 million. Several days earlier, the SEC filed a complaint and sought an asset freeze against Salinas's companies, J. David Financial and Select Asset Management, and Brian A. Bjork, chief investment officer of Select Asset.
In an order entered today by United States District Judge Keith P. Ellison, Bjork agreed to an order enjoining him from committing any further securities violations or engaging in fraud, without admitting or denying any wrongdoing. Additionally, Judge Ellison appointed Steven Harr as the receiver of the scheme and tasked him with marshalling assets for future distribution to investors. Harr is an attorney at the Dallas law firm of Munsch Hardt Kopf & Harr PC.
According to his lawyer, Bjork is cooperating with the SEC and did not play any role in the scheme. Bloomberg earlier reported that Salinas had left a suicide note claiming sole responsibility for the crimes. According to the court-appointed receiver, Bjork is permitted to keep assets valued at up to $10,000 to cover reasonable and ordinary household and living expenses, and must submit monthly bank records.