ADMINISTRATIVE PROCEEDING
File No. 3-21547

August 7, 2023 - The Securities and Exchange Commission today instituted settled administrative and cease-and-desist proceedings against Lawrence White, CPA, the former part-time Chief Financial Officer for Outstanding Real Estate Solutions, Inc. ("ORES"), for preparing false and misleading correspondence to investors in a fraudulent mobile home investment scheme.

According to the SEC's Order, ORES is a Texas-based company that claimed to specialize in the fixing and flipping of mobile homes through investor funding. The Order finds that ORES did not own the vast majority of mobile homes that it represented to investors that it would fix and flip. Instead, ORES paid investor returns from the funds raised from other investors. According to the Order, between May and July 2021, White, at the request of ORES's CEO, drafted and signed letters to investors that contained false and misleading information. The Order finds that White signed these letters as ORES's part-time CFO, or using his CPA designation, but did not verify whether the statements were accurate.

Without admitting or denying the findings, White consented to the SEC's Order finding that he willfully violated Section 17(a)(3) of the Securities Act of 1933 (Securities Act), and he agreed to pay a $60,000 civil penalty. White is denied the privilege of appearing or practicing before the Commission as an accountant, with the right to apply for reinstatement after three years.

In a separate proceeding filed in district court on May 31, 2023, the SEC charged, among others, ORES and its CEO and founder Chimene Van Gundy with violating Sections 5(a), 5(c), and 17(a) of the Securities Act and Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act) and Rule 10b-5 thereunder. SEC v. Chimene Van Gundy, et al., No. 5:23-cv-700 (W.D. Tex. Filed May 31, 2023). The SEC seeks permanent injunctions, disgorgement with pre-judgment interest, civil penalties, against ORES and Van Gundy, and an officer-and-director bar against Van Gundy in that litigation.

The SEC's investigation was conducted by Kendrack Lewis and Melvin Warren of the Fort Worth Regional Office and was supervised by Sarah S. Mallett and Eric R. Werner.