Commissioner Brings New Action to Stop Family from Continuing Fraud
Press Release
On November 10, Brian Keith Alfaro, from San Antonio, was sentenced to serve 121 months in federal prison. The sentence follows a jury finding him guilty of seven counts of mail fraud in connection with defrauding investors in an oil and gas investment scheme. The evidence showed Brian Alfaro used their funds to further an extravagant lifestyle – including the purchase of a Lamborghini and season tickets for the San Antonio Spurs.
Brian Alfaro has a long history of misconduct and fraudulent investment schemes. FINRA, the Texas State Securities Board and other state regulators previously brought enforcement actions against him and his companies. After being expelled from the industry, he was sued by defrauded investors and later put his oil investment company in bankruptcy. Despite the bankruptcy filing, the victims later won a judgment of approximately $8 million against him. The Bankruptcy Court appointed a Receiver, and the Receiver successfully recovered money after suing Brian Alfaro and Kristi Alfaro, his wife, for fraudulently transferring property.
Despite the prior regulatory, civil and criminal actions, Brian and Kristi Alfaro didn’t stop. In April 2020 – while Brian Alfaro was under house arrest awaiting criminal sentencing - they allegedly began perpetrating a new securities scheme. Brian and Kristi Alfaro allegedly began contacting potential investors – including elderly persons – and encouraging them to invest in a fraudulent wildlife breeding and development program.
On November 9, 2020, Commissioner Iles entered an Emergency Cease and Desist Order to stop Brian Alfaro and Kristi Alfaro from perpetrating the scheme. The scheme is being promoted by ARCA Wildlife Development and Conservation, LLC – an entity recently organized by Kristi Alfaro. Together, ARCA Wildlife and Brian and Kristi Alfaro are marketing units issued by Texas Savanna Partners, LLC. They are allegedly telling potential clients that ARCA Wildlife will use the proceeds of the sales of units to acquire livestock, improve property and manage a wildlife breeding scheme in Zavala County, Texas. more