FINRA Fines Nobles & Richards For Inadequate Disclosure on Oil & Gas Private Placements

Nobles & Richards, Inc. is a broker dealer located in Plano, TX that sells Oil and Gas private placements and limited partnerships. The company was formed in 2007 and its principals are Ilonka Nobles and James Ross Richards.

In October of 2012, FINRA alleged that Nobles & Richards failed to implement an adequate supervisory system to ensure that it conducted reasonable investigations of an issuer of a regulation D private placement offering of  speculative oil & gas programs. FINRA alleged that the company failed to compare actual well performance with their projections and that:

"If it had, the firm would have discovered that its viability projections were inaccurate. In fact, none of the issuer #1's wells met the firm's projections. Nevertheless, the firm continued to recommend and sell its customers interests in issuer #1's oil and gas private placements. "

Nobles & Richards paid FINRA a fine of  $10,000 to resolve the regulatory matter.

To access the FINRA disclosure record for Nobles & Richards or any of their brokers, see this for more information.


Oil & gas private placements are extremely speculative in nature. The risk associated with these investments is only suitable for those individuals who understand and are financially capable of taking the risk inherent to these products. If you were sold an oil & gas investment based upon misrepresentations, such as the inaccurate representation of the production of wells in the target area, or if this type of investment is unsuitable for a person your age and profile, you may be able to recover all or a part of your losses through FINRA arbitration.


If you have questions about losses in your brokerage or investment account, contact us for a no charge consultation to explore your legal rights.

Nationwide representation.

Rex Securities Law

561 391 1900

 
Trackbacks
  • No trackbacks exist for this post.
Comments
  • No comments exist for this post.
Leave a comment

Comments are closed.