Brady Jack Speers; Chatree Thiranon; GHAP, LLC d/b/a Blue Star Texas
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 26324 / June 12, 2024
Securities and Exchange Commission v. Brady Jack Speers, Chatree Thiranon, and GHAP, LLC d/b/a Blue Star Texas, No. 4:23-cv-00905-P (N.D. Tex. filed Aug. 31, 2023)
SEC Obtains Final Judgments Against Recidivist and Others in $8 million Real Estate Offering Fraud
The Securities and Exchange Commission today announced the conclusion of litigation against Brady Jack Speers, Chatree “Ben” Thiranon, and GHAP, LLC d/b/a Blue Star Texas (“Blue Star”) based on their fraudulent house-flipping scheme that raised almost $8 million from 40 investors through the unregistered sale of promissory notes.
The SEC’s complaint alleged, among other things, that Speers, Thiranon, and Blue Star, a company they owned and controlled, raised funds by misrepresenting and omitting material information. The SEC’s complaint alleged that Blue Star told investors that their funds were secured by property interests in the real estate assets underlying the investments, when, in reality, Blue Star only secured investor interests in isolated instances and sometimes never even held title to the properties at issue. The SEC also alleged that Blue Star rolled over investor funds to other projects without investor authorization. Additionally, the complaint alleged that Blue Star touted Speers’s success as a businessman without also disclosing that the SEC charged him with violations of the antifraud and registration provisions of the federal securities laws in 2015 and that he filed for personal bankruptcy on two separate occasions.
On June 2, 2025, the U.S. District Court for the Northern District of Texas entered final judgments by agreement against Speers, Thiranon, and Blue Star, ordering: (a) Speers and Blue Star to pay, jointly and severally, disgorgement of $2,506,301, plus prejudgment interest of $240,320.82; (b) Thiranon to pay disgorgement of $415,723 plus prejudgment interest of $39,862.28; (c) Blue Star to pay a civil penalty of $1,152,314; (d) Speers to pay a civil penalty of $691,392; and (e) Thiranon to pay a civil penalty of $230,464. The final judgments reiterated injunctive relief included in prior judgments entered by the Court on September 20, 2023, that (a) permanently enjoined Speers, Thiranon, and Blue Star from future violations of the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and Section 17(a) of the Securities Act of 1933, and the registration provisions of Sections 5(a) and 5(c) of the Securities Act; (b) permanently enjoined Speers and Thiranon from directly or indirectly, including, but not limited to, through any entity owned or controlled by them, participating in the issuance, purchase, offer, or sale of any security; provided, however, that such injunction shall not prevent them from purchasing or selling securities listed on a national securities exchange for their own personal accounts; and (c) permanently enjoined Speers and Thiranon from serving as an officer or director of a public company.
The case was litigated by Jason P. Reinsch and supervised by Keefe Bernstein of the SEC’s Forth Worth Regional Office.