An Austin businessman and two of his companies are accused in an alleged scheme using former NFL players to attract investors.
The Securities and Exchange Commission on Tuesday filed securities fraud charges in federal court in Austin naming Kurt B. Barton, Triton Financial LLC and Triton Insurance.
The SEC alleges $8.4 million was raised from about 90 investors to purchase an insurance company.
Regulators say the money instead went to pay Triton expenses.
The SEC says Barton and Triton have consented to court orders freezing their assets and appointment of a receiver.
Barton attorney Joe Turner says his client will work with the receiver to ensure that investors "do not lose their money."
A March Sports Illustrated article prompted the Texas State Securities Board to examine Triton's dealings.