Last Updated: March 2025 (San Antonio, Texas)
Texas State Securities Board Issues Disciplinary Order vs. San Antonio Wealth, LLC.
In a Disciplinary Order dated March 12, 2025, The Texas State Securities Board (TSSB) Reprimanded San Antonio Wealth an investment advisory firm registered with the U.S. Securities and Exchange Commission (SEC). In addition a fine of $5,000 was imposed on the firm by the TSSB and the firm was ordered to comply with an Undertaking, further detailed below,
San Antonio Wealth, LLC / Dionelle Rucker
Dionelle Rucker is the sole owner and sole investment advisor representative of San Antonio Wealth (CRD 324080), according to the regulator’s order. According to Rucker’s (CRD 6361863), he was employed by Merrill Lynch 10/2014-3/2016 and with Torres Financial Services 08/8/2022. His DBA was Rucker Financial Group.
Rucker’s CRD discloses that in 8/2022 he was “permitted to resign” after the firm questioned him about a number of items related to his interaction with clients. The CRD indicates that an investigation into his actions is ongoing.
“How to Research Your Broker-What is a CRD?”
TSSB Disciplinary Order of March 12, 2025
According to the Order, San Antonio Wealth and Dionelle Rucker upon their registration with the TSSB in August 2023, they were required to comply with certain heightened requirements by specific deadlines and ongoing compliance while registered with the Texas Securities Commissioner (Undertaking).
The Undertaking specifically required retention of an independent outside compliance consultant, acceptable to the TSSB due on September 23, 2023. The compliance consultant was to conduct a review of TSSB record keeping requirements, maintenance of client contracts and to review correspondence related to outside business activities. A report was to be filed with TSSB and corrective measures were to be taken where necessary.
The TSSB order indicates that the Undertaking was not complied with despite repeated inquiries from the Texas regulator.
In June 2024 TSSB staff initiated an inspection and found numerous violations of TSSB rules, including:
- Failure to maintain suitability information for six clients;
- Written supervisory procedures (WSPs) did not mention certain records required by Board Rules (client income, investment objectives and risk tolerance);
- WSPs did not include policies on financial exploitation of vulnerable adults as required by Sec. 116,21 of the Board Rules
As a part of the resolution of the investigation San Antonio Wealth undertook and agreed that within 30 days of the order they will reimburse advisory fees to one of their clients who did not have a written agreement with the firm at the time the fees were collected.
The Texas State Securities Board
Mission of the TSSB, according to their website:
The State Securities Board is responsible for administering and enforcing the Texas Securities Act. The mission of the State Securities Board is to protect Texas investors. Consistent with that purpose, the Agency seeks to ensure a free and competitive securities market for Texas, increase investor confidence, and thereby encourage the formation of capital and the creation of new jobs in Texas.
The Financial Industry Regulatory Authority
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Rex Securities Law
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