US attorney in Dallas launches securities fraud unit as ‘Y’all Street’ booms

Dallas has spent the last few years poaching financial firms from New York with the pitch of lower taxes, cheaper real estate, and a friendlier regulatory climate. Now it is also getting something New York has had for decades: a dedicated securities fraud prosecution unit.

Ryan Raybould, confirmed as US Attorney for the Northern District of Texas in May 2026, announced plans on September 9 to build out a specialized team focused on white-collar crime and securities fraud. The Dallas-Fort Worth area now employs more than 380,000 financial services professionals, and the region’s signature financial district has earned the nickname “Y’all Street.”

What’s actually happening in Dallas finance

Goldman Sachs is building a $500 million campus in the city. Morgan Stanley is planning a regional hub, with a target completion date of 2031. The Texas Stock Exchange launched trading in July 2026, giving Dallas its own equity market.

Office rents in the Y’all Street corridor have risen 31% over the past two years.

Raybould is not arriving to this scene as a generalist. Before taking the US Attorney role, he served as deputy chief of a white-collar and public corruption unit.

Why a dedicated fraud unit matters now

Raybould made the stakes concrete on September 1, when he commented publicly on a $1.45 million Ponzi scheme case.

His stated goal is to make Dallas a recognized center for white-collar prosecutions. He has also indicated the office will work closely with the SEC, which creates a two-track enforcement environment. Federal prosecutors can bring criminal charges while the SEC pursues civil penalties.

The broader picture for Dallas as a financial center

The emergence of Y’all Street has been building for years, driven by pandemic-era relocations, Texas’s lack of a state income tax, and a business-friendly political environment. The Texas Stock Exchange’s launch in July 2026 addressed the exchange piece. Raybould’s fraud unit addresses the enforcement piece.

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