Investigation intensifies as Texas agencies coordinate effort to examine East Plano Islamic Center’s financial practices and compliance with state law
Plano, Texas – In a significant development from the office of Governor Greg Abbott, the Texas State Securities Board has initiated an investigation into the East Plano Islamic Center (EPIC) and its affiliated entities. The probe aims to ascertain if the organization has adhered to state and federal securities regulations, focusing particularly on safeguards against fraudulent practices.
Governor Abbott expressed concerns that the group behind the proposed Islamic center compound might be engaging in deceptive practices to mislead investors.
“The group behind the proposed East Plano Islamic Center compound may be misleading investors,” said Governor Abbott. “Defrauding Texans will not be tolerated. The Texas State Securities Board is conducting a thorough investigation to ensure Texans are protected from financial harm that is alleged to have been caused by EPIC. This is part of an ongoing investigation into allegations of illegal activities by EPIC. All entities in Texas must follow state law, not Sharia law.”
This move is part of a broader scrutiny of EPIC, which has faced allegations of engaging in illegal activities. Governor Abbott has made it clear that all entities within Texas, regardless of their nature or background, are expected to operate strictly within the confines of state law. He specifically noted that adherence should be to state law, not Sharia law, underscoring the need for compliance with legal standards over religious or cultural practices.
The announcement follows a series of actions involving EPIC. Just the day before, the Texas Funeral Service Commission issued a cease-and-desist letter to EPIC, ordering an immediate halt to all unauthorized funeral service operations. This letter forms part of a broader investigation that saw involvement from a dozen state agencies starting Monday, aimed at uncovering any illegal activities conducted by EPIC and its affiliates.
The ongoing investigations highlight a concerted effort by state authorities to ensure transparency and legality in the operations of all organizational entities within Texas. Governor Abbott’s administration has shown a proactive stance in addressing any forms of illegal or misleading activities to safeguard the interests and security of Texas residents. The outcomes of these investigations are awaited as they are crucial in determining the adherence of the East Plano Islamic Center to the regulatory frameworks that govern securities and other organizational operations in the state.
