* Court freezes assets of two Texas men accused of fraud

* Regulators say fake bank records produced after subpoena

* Court-appointed receiver sets up website for investors (Adds lawyer comment, CFTC involvement in case)

WASHINGTON, May 26 (Reuters) - Two Texas men defrauded investors of some $19.5 million by faking bank records to show that their business, PrivateFX Global One, achieved annual returns of more than 23 percent in foreign exchange trading, U.S. regulators said on Tuesday.

The SEC said it obtained an emergency court order freezing the assets of Texas A&M finance professor Robert D. Watson and Houston lawyer Daniel Petroski. The U.S. Commodity Futures Trading Commission is also investigating the alleged fraud.

"We're reviewing the information in the pleadings and will respond after we've had a chance to review them," said Richard Roper, an attorney for Petroski.

Watson could not be reached for comment.

Global One was founded in 2006 by the two men, who registered it as a corporation in Panama and raised at least $19.5 million from more than 60 investors in a private placement offering of its stock, the SEC said.

Watson and Petroski told investors that Global One's "Alpha One" foreign currency trading program had an annual return of 23 percent from June 2006 through February 2009 and never had a money-losing month.