LUBBOCK, Texas — The Securities and Exchange Commission sued Joe Leland Tarver of Lubbock and two businesses he owns – Rock and Roll Cycles, LLC; and Cycle for Life, Inc.
The SEC accused Tarver of selling securities in the form of promissory notes.
“From about July 2014 through December 2017, the Defendants raised approximately $491,000.00 from at least 18 investors,” the lawsuit said.
“Tarver told investors that the proceeds from the promissory notes would be used by RRC and/or CFL to manufacture and distribute tricycles for disabled children and adults,” the lawsuit said. “In fact, Tarver (a) diverted a significant amount of the money for his personal expenses.”
The lawsuit said he would take out new loans to pay back prior investors. The lawsuit seeks an order against Tarver to stop him from selling or offering promissory notes. It also seeks an order that Tarver pay back the money.
EverythingLubbock.com reached out to Tarver.
Tarver said, “I owe the money. I’m getting it paid. We have not offered any more promissory notes in the last three years.”
He said he’s been making cycles for disabled children for 40 years.
Tarver also gave us the name and phone number of an attorney and we left a message. If the attorney offers a comment, we will provide an update.