Texas State Securities Board

On December 5, 2025, a Fox News Article was published falsely asserting that “Texas Securities Commissioner Travis Iles claimed the East Plano Islamic Center (EPIC) entities sold securities without meeting registration or exemption requirements and referred the matter to the Office of the Attorney General after identifying flagrant violations.” 

This was a wholly false statement attributed to Securities Commissioner Iles.[1] [ #_ftn1 ]

No one from Fox News nor the Office of the Attorney General contacted Securities Commissioner Iles to provide a statement for the article. Commissioner Iles requested the article’s author, Jasmine Baehr, provide the person(s) responsible for the fake information but no response has been received.

As background, on or about March 27, 2025, the Texas State Securities Board (TSSB) opened an investigation into EPIC and Community Capital Partners, LP (CCP) for potential violations of the Texas Securities Act. After a months-long and thorough investigation, the staff in fact concluded that, given the evidence available to date, the sales of limited partnership interests did not constitute securities under the purview of the Texas Securities Act, despite being treated and marketed as such to investors.

This information was provided to the Office of the Attorney General prior to the Attorney General’s filing. The Securities Commissioner also advised the Office of the Attorney General that claims may be more sustainable under the Texas Deceptive Trade Practices Act.

Notably, on October 14, 2025, the Office of the Attorney General, without prior notice or discussion with the Texas State Securities Board, published a news release stating that it had become clear that the developers behind EPIC City flagrantly and undeniably violated the law and urged the TSSB to immediately review their findings and corresponding evidence and refer the matter to the Attorney General for further legal action.[2] [ #_ftn2 ]

The press release concluded with Attorney General Paxton inviting Chairman E. Wally Kinney and Commissioner Travis J. Iles to examine the initial findings and corresponding evidence that demonstrates the EPIC City development project violated the law and subsequently refer the matter back to the Office of the Attorney General for further legal action if the TSSB agrees with the office’s findings.

A letter addressed to Commissioner Iles and Chair Kinney was also publicly broadcasted. This letter was not sent to the addressed parties until after the release was issued.[3] [ #_ftn3 ]

Within minutes of learning about the Attorney General’s public release, Securities Commissioner Iles sent an email requesting to review the Office of the Attorney General’s “initial findings and corresponding evidence that demonstrates the EPIC City development project violated the law.”

To date, neither Securities Commissioner Iles nor the staff of the TSSB have been provided with corresponding evidence to review. The TSSB did, however, request to access the information demanded to be immediately reviewed by the Office of the Attorney General.

The TSSB provided its investigative file to the Office of the Attorney General and requested that the Attorney General take action as the Attorney General deemed appropriate.

On December 5, 2025, the Office of the Attorney General filed its lawsuit alleging EPIC and CCP and several of their leaders engaged in an illegal development scheme that violated Texas securities law.

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[1] [ #_ftnref1 ] The article has since been corrected to reflect factually accurate information and, at the demand of the Securities Commissioner, the misinformation and false statements have been removed.

[2] [ #_ftnref2 ] Attorney General Paxton Uncovers Illegal Activities by EPIC City Developers and Requests Referral from State Securities Board to File a Lawsuit | Office of the Attorney General [ [link removed] ].

[3] [ #_ftnref3 ] OAG Letter to Chairman Kinney and Commissioner Iles, dated October 14, 2025 [ [link removed] ].




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