Texas attorney general charged with federal securities fraud

AUSTIN, Texas (AP) — Federal securities regulators charged Texas Attorney General Ken Paxton Monday with four counts of civil fraud, piling on more legal troubles for the Republican already under criminal indictment for allegations that he deceived friends and wealthy investors — at least once with high-pressure tactics.

By filing a civil lawsuit, federal regulators aren't seeking prison time but instead want Paxton to pay back "any ill-gotten gains or unjust enrichment" and be ordered to pay additional financial penalties.

According to the lawsuit, that investor "grew worried" when promises about product shipment failed to materialize, and that Paxton "did nothing" to determine whether those company milestones were true.

A year earlier, Texas Sen. Ted Cruz, now a GOP presidential candidate, called him a "tireless conservative warrior" as Paxton trounced a moderate Republican challenger on the way to becoming Texas' top law enforcement officer.

During a heated GOP primary race in 2014, Paxton admitted to breaking state securities laws by not disclosing how he received commissions for referring his private law clients to a financial planner.