FINRA Fines Nobles & Richards -Plano,TX-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.

Rex Securities Law , located in Boca Raton, FL, provides representation to  investors in Texas and  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Rex Securities Law

 

561 391 1900