DECEMBER 2016 UPDATE-Richardson, Texas
In an Extended Hearing Panel Decision, FINRA expelled Texas E&P Partners for providing a falsified document to FINRA during an investigation.
Mark Plummer, its CEO, was barred from the industry and ordered to pay restitution to affected customers for misusing their funds and for falsifying a document produce to FINRA during the investigation as well as for providing false and misleading testimony about the document.
ORIGINAL POST-July 21, 2015-Richardson, Texas
Chestnut Exploration Partners, Inc. (formerly Chestnut Energy Partners, Inc., currently known as Texas E&P Partners) and Mark A. Plummer were named in Disciplinary Proceeding #2014040501801 filed by FINRA Department of Enforcement. They are charged with making material misrepresentations and omissions to 88 customers who purchased investment contracts in private placement securities contracts in the Chestnut 2007 4×4 Joint Venture.
According to the complaint customers investing in the 4×4 securities have lost over $5 million, representing more than a 90% loss on their investments. Chestnut and Plummer are alleged to have misused at least $567,000 that investors put up for drilling and completion costs.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors 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.
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