Texas Attorney General Ken Paxton announced that developers connected to the East Plano Islamic Center (EPIC) City project allegedly violated federal and state securities laws. He has asked the Texas State Securities Board (TSSB) to review the findings and refer the case back to his office to file a lawsuit.
“After a thorough investigation, it has become clear that the developers behind EPIC City flagrantly and undeniably violated the law,” Paxton said. “The bad actors behind this illegal scheme must be held accountable for ignoring state and federal regulations. In accordance with state law, the TSSB should review our findings and refer this matter to me for further legal action.”
Paxton first announced the investigation into EPIC City in March. As previously reported by The Dallas Express, his office later expanded the probe to include records from local municipalities and other entities possibly involved in the project. The investigation found that individuals and organizations tied to EPIC City violated securities laws at both the state and federal levels.
To pursue a lawsuit, Paxton’s office must receive a referral from the TSSB. He invited TSSB Chairman E. Wally Kinney and Commissioner Travis J. Iles to review the findings and supporting evidence.
In a letter sent to the board on October 14, Paxton outlined the results of his investigation and formally requested that the case be referred back to his office for legal action.
The evidence, according to Paxton, demonstrates that the EPIC City development violated the law. If the board agrees, the matter will return to the Attorney General’s Office for legal action.
The East Plano project, developed under the EPIC City name, involved entities linked to the East Plano Islamic Center. The Attorney General’s Office said it uncovered evidence that these entities ignored securities laws and engaged in activities requiring state and federal oversight.
Paxton emphasized that his office remains committed to enforcing state law and protecting Texans from fraudulent investment practices.