Shari Mattingly Bevan $80,000 Fraud Allegations Fact-checked (2024)

Disgraced financial broker Shari Mattingly Bevan lost her license after pulling off a scam of over $100 million.

She is now a financial planner and attorney. Shari Mattingly Bevan, Attorney at Law, ChFC, CLU is her current business endeavor.

She was the previous owner of TLC Investments & Trade Co.

This corporation was also known as TLC America Inc., TLC Development Inc., TLC Real Properties RLLP-1, and TLC Brokerage Inc.  

Following a nationwide swindle, the court ruled that Shari’s corporation was obligated to pay $106.6 million in disgorgement.

The final decision, as disclosed by the SEC, barred the corporations from violating the registration and antifraud provisions of Rule 10b-5, Section 10(b) of the Securities Exchange Act of 1934, and Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 in the future.

Additionally, the final decision stated that any additional funds would be used as a civil penalty if the Court-appointed receiver for Shari Mattingly Bevan’s firms was able to recover more than $106.6 million.

TLC Investments & Trade Co. granted permission for the Final Judgment of Permanent Injunction, as did the other TLC companies. 

The SEC has filed a complaint against TLC Investments & Trade Co. and Shari Mattingly Bevan. 

The TLC firms are accused by the SEC of engaging in securities fraud from 1998 to October 2000.

Through a real estate Ponzi scheme, they were able to raise over $150,000 from more than 1800 investors.  

Most of these investors were senior citizens. 

These companies promised them a safe and liquid investment which guaranteed returns of up to 15%. 

SEC’s complaint says the principals of these companies misused at least $28.3 million of investor funds to buy racehorses, wire funds overseas, invest in bank schemes, and pay other investors. 

Orders for Shari Mattingly Bevan to Desist and Refrain Issued by the California Corporations Commissioner: 

The California Corporations Commissioner also pursued regulatory action against Shari following the SEC’s requisite actions.

Promissory notes and real estate investment agreements are examples of the investment instruments that the TLC businesses allegedly issued. In certain instances, it also used investment contracts.

These are all securities that are covered by the CSL. TLC used two investment programs to market and sell these financial products:  

• Tax Liens Certificates
• Opportunity Properties

According to TLC, these securities had a one-year period. Investors were informed that when the securities matured, they would be required to repay the principal amount, with interest rates ranging from 8% to 15%.

According to TLC, these securities had one year. Investors were informed that when the securities matured, they would be required to repay the principal amount, with interest rates ranging from 8% to 15%. The investor had the choice to “roll over” their investment for an additional year at the end of each year.

The watchdog notes that there was a distinct offer made by TLC and/or Shary Mattingly Bevan to “roll over” the investment.

Furthermore, the California Corporate Securities Law of 1968, Corporations Code 25000 et seq., is violated by each “rollover,” which is a distinct sale of securities.

TLC made use of a network of sales representatives to sell these securities.

It ultimately gathered more than $156 million from more than 1800 investors.

These securities, however, did not meet the requirements set forth by the State of California. In addition, Shari joined TLC as an agent, pitching their goods to investors in California.

Shari was paid between 4.5% and 6% commission on the investments she marketed, according to the complaint. Additionally, the investor received a commission each time they reinvested their initial money.  

Additional Details On the Case:

The order makes clear that Shari lacked authorization to offer these securities for sale.

Additionally, these TLC securities violated the California Corporate Securities Law of 1968, Corporations Code 25000 et seq., by making misleading representations to promote itself.

She used brochures and other materials, many of which contained fraudulent statements, to market and sell them. Furthermore, she misled investors and neglected to do independent due diligence to verify the veracity of the claims made in the brochures.

She specifically informed investors that because the investor was a renter with title to the property, the Tax Lien Certificates were safe, liquid, and tax-deferred.

On the other hand, TLC was giving investors ownership of the properties it had purchased. They were therefore not safe.  

Potential investors were never made aware of the SEC’s lawsuit against TLC businesses by Shari Mattingly Bevan. 

Had Shari Mattingly Bevan disclosed this information, the investors could have made wiser choices.

She also informed the investors that they would receive a set interest rate, which could be anywhere between 8% and 15%, from the Tax Lien Certificates. TLC never turned a profit. Especially, the period over which Shari had made these assertions.

Rather, the business had suffered a $15 million loss.

TLC had paid the interest to its previous investors using the money it had received from new investors. It was acting in the same manner as a Ponzi scam. 

“Commissioner of California Corporations: Shari Mattingly Bevan Omitted to Tell Potential Investors Important Information.” 

Once more, Shari Mattingly Bevan neglected to provide the investors with this crucial information.

She neglected to disclose to prospective investors that they would be charged a commission of up to 6% for each investment and rollover.

She also failed to disclose to them that they were paid “override” commissions on the sales of agents they had recruited.

The investors were not even informed by Shari Mattingly Bevan that there were commission-paying individuals above her.

Shari withheld this information from investors when the SEC accused TLC of engaging in securities fraud.

Shari sold approximately $1.3 million in illicit securities to eighteen victims in California under pretenses. From these sales, her commissions totaled more than $82,000.

As a result of Shari’s violation of section 25110 of the CSL, the Commissioner issued a desist and refrain order, banning her from selling any securities in California. 

Where is Shari Mattingly Bevan Now? 

Shari is now a licensed attorney. Her areas of expertise are estate administration, estate and trust litigation, and estate planning.

In Santa Ana, California, Shari is the owner of the Law Offices of Shari Mattingly Bevan.

She also holds licenses as a Chartered Financial Consultant (ChFC) and Chartered Life Underwriter (CLU).

She says she has a lot of experience with long-term planning, financial advising, and retirement planning.

An address for her office is 330 E Coffee St., Greenville, SC 29601. In the same way, her phone number is 864-283-6906.

She says she is the CEO of Tax Strategies and Bevan Wealth.  

Conclusion

Whatever her credentials, one thing is certain: Shari Mattingly Bevan is a financial fraudster.

Selling a Ponzi scheme to senior citizens in California, she made over $80,000.

She was subject to regulatory action by the California Corporations Commissioner, who also prohibited her from selling any assets made in the state.

Without a doubt, you cannot rely on her for financial planning.