The Tidal Group Fined by FINRA Over Oil & Gas Investments

The Tidal Group, a broker-dealer located in Shertz ,TX ,was  fined $20,000 by FINRA in December 2012, for failing to properly identify in private placement offering documents, plugged and abandoned oil & gas wells.

Lee M. Novikoff is listed in FINRA records as President, Secretary, Treasurer and Principal of The Tidal Group. FINRA records also indicate that he owns 75% or more of Tidal Group.

Texas corporate records list Lee M. Novikoff as an officer of Tidal Petroleum, Inc. an oil and gas exploration company located in Shertz Texas.

In December 2012,  Janice Hallett, a broker for Tidal Group, without admitting or denying the findings, agreed to a fine of $10,000 and a suspension of 20 business days to resolve FINRA allegations that she negligently made inaccurate statements to several investors relating to the returns they could expect from the oil & gas prospects as well as the drilling track record of the affiliate (presumably Tidal Petroleum).

Hallett negligently advised some prospective investors that they could expect a return of their principal in 1-3 years. She also advised a customer that the firm's affiliate  had drilled several successful wells in a particular area when in fact at least one dry hole and a couple marginal producers had been drilled.


Oil & gas investments are generally not suitable for those not willing to speculate and take great risk. While prospect identification and drilling techniques have vastly improved and the success rate has risen over recent years, these investments are generally not considered suitable for retirees.

If you have questions about oil and gas investment losses, do not hesitate to contact. We have a great deal of knowledge regarding the oil & gas exploration industry and have been helping investors recover stock market losses for more than 25 years.

Free Consultation.

Rex Securities Law

561 391 1900





 
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