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.

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Rex Securities Law

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