Reef Securities Broker Harris W. Kirk Investigation

SEE THIS FOR February 2016 Update.

November 25, 2015- Richardson, Texas 

Rex Securities Law is investigating Harris Wayne Kirk ,  a stock broker who on October 1, 2015,  rejoined  Reef Securities, Inc. According to FINRA records, Kirk was previously registered with Reef Securities from 2/1998 – 9/2013.

On Kirk’s official FINRA record, Reef Securities makes the following allegations related  to his discharge from Reef Securities in 9/2013:

“Actions inconsistent with corporate policy and management. Mr. Kirk provided inaccurate information regarding his outside business activities. “

According to FINRA the products related to the discharge were oil and gas investments.

Kirk’s FINRA record indicates that he has been named in 3 customer disputes. The most recent,  a FINRA arbitration filed  in 2015,  seeks damages of over $61,000 on oil and gas investments that were made while Kirk was employed by Reef Securities. The investor makes the following allegations in the  currently pending arbitration:

  • failure to supervise
  • failure to conduct independent due diligence
  • failure to adequately disclose risks of investment
  • breach of contract

Following his discharge from Reef Securities in 9/2013, Kirk was registered with Chestnut Exploration Partners, also located in Richardson, TX. According to FINRA, Kirk left Chestnut Exploration Partners in 2/ 2015.

Reef Securities, Inc. has been registered with FINRA since 1993 and has about 15 financial advisors operating from their office in Richardson, Texas.

Reef Securities, along with various other broker dealers, has sold to investors numerous oil and gas investments sponsored by the Reef Oil and Gas Companies, including the following:

  • Reef 2015 Oil & Gas Opportunity Fund
  • Reef 2015 Income Fund
  • Reef Bakken Bear Cat Drilling Fund
  • Reef 2012-A Private Drilling Fund
  • Reef 2011 Private Drilling Fund
  • Reef 2010 Drilling Fund
  • Reef 2009 Drilling Fund
  • Reef 2007-2009 Drilling Program
  • Reef Oil & Gas Drilling & Income Fund
  • Reef Oil & Gas Income & Development Fund III
  • Reef Oil & Gas Income & Development Fund IV

If you have losses in an account handled by Harris Kirk you may be entitled to recover damages from his former employer. Call to discuss your options.

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.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

 

Garland Wayne Benton, Former Reef Securities Broker- Investigation

November 25, 2015- Richardson, Texas 

Rex Securities Law is investigating Garland Wayne Benton, Jr.  who was  a stock broker with Reef Securities, Inc.  from June 2002 until April 2015  when he was terminated from Reef Securities, Inc. , who permitted him to resign.

On his official FINRA record, Reef Securities makes the following allegations related  to Benton’s termination:

SUSPENDED WITHOUT PAY EFFECTIVE MARCH 25, 2015 FOR FAILURE TO FOLLOW FIRM POLICIES AND PROCEDURES AND ALLEGATIONS OF SELLING AWAY – PRIVATE SECURITIES TRANSACTION FROM 2008.

RESIGNED ON APRIL 2, 2015 DURING ONGOING COMPANY INVESTIGATION. NO EVIDENCE WAS PROVIDED TO PROVE MR. BENTON’S PERSONAL EMAIL ADDRESS WAS HACKED. THUS THE FIRM CONCLUDED THAT MR. BENTON SOLD AWAY TO MR. PAUL. MR. BENTON POSSIBLY VIOLATED FIRM POLICY AND FINRA RULES. 3270 – OUTSIDE BUSINESS, 3040 – PRIVATE SECURITIES TRANSACTIONS, 2010-STANDARDS OF COMMERCIAL HONOR AND TRADE

Benton’s FINRA record indicates that he has been named in 3 customer complaints. The most recent, a FINRA arbitration filed by a California investor in 2014 seeks damages of nearly $1 million on oil and gas investments. The aggrieved investor makes the following allegations in the action that is currently pending:

  • failure to supervise
  • failure to conduct adequate due diligence
  • failure to adequately disclose risk
  • solicitation violations
  • breach of contract

Reef Securities, Inc. has been registered with FINRA since 1993 and has about 15 financial advisors operating from their office in Richardson, Texas. 

Reef Securities, along with various other broker dealers, has sold to investors numerous oil and gas investments sponsored by the Reef Oil and Gas Companies, including the following:

  • Reef 2015 Oil & Gas Opportunity Fund
  • Reef 2015 Income Fund
  • Reef Bakken Bear Cat Drilling Fund
  • Reef 2012-A Private Drilling Fund
  • Reef 2011 Private Drilling Fund
  • Reef 2010 Drilling Fund
  • Reef 2009 Drilling Fund
  • Reef 2007-2009 Drilling Program
  • Reef Oil & Gas Drilling & Income Fund
  • Reef Oil & Gas Income & Development Fund III
  • Reef Oil & Gas Income & Development Fund IV

If you have losses in an account handled by Wayne Benton you may be entitled to recover damages from his former employer. Call to discuss your options.

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.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Update on Recovery of Reef Oil & Gas Investment Losses

Reef Oil and Gas of Richardson, Texas, has been sponsoring energy related investments for many years.   These investments are marketed by many different brokerage firms nationwide.

Investors who have suffered losses  on any of the offerings sponsored by the Reef Oil and Gas Companies  may be able to recover damages from the brokerage firm who sold the investment.

Brokers have a duty to make suitable recommendations to investors.  Brokers are also required to perform an independent due diligence investigation of the proposed investment before making a recommendation. The investigation is intended to help determine not only if the investment is suitable taking into account the investor’s age, health and level of financial sophistication, but also to determine if the proposed investment is being fully and truthfully represented by the sponsor.

Here is a partial list of recent Reef offerings:

  • Reef 2015 Oil & Gas Opportunity Fund
  • Reef 2015 Income Fund
  • Reef Bakken Bear Cat Drilling Fund
  • Reef 2012-A Private Drilling Fund
  • Reef 2011 Private Drilling Fund
  • Reef 2010 Drilling Fund
  • Reef 2009 Drilling Fund
  • Reef 2007-2009 Drilling Program
  • Reef Oil & Gas Drilling & Income Fund
  • Reef Oil & Gas Income & Development Fund III
  • Reef Oil & Gas Income & Development Fund IV

If you have suffered losses on any of the Reef Oil and Gas offerings, contact us to learn about your options for recovery.

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.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

 

Tyler, Texas- Insurance Agent Pleads Guilty to $5.4 Million Ponzi Scheme

November 19, 2015- Tyler, Texas

The FBI announced that Robert B. Hahn of Tyler, TX, pleaded guilty to wire fraud and money laundering in connection with an alleged  fraud he operated from January 2007-February 2015.

According to the pleadings, about 100 people were led to believe that a group of doctors would pay annual interest of 20% on loans and purported investments. The victims periodically received what they believed to be interest payments, but which was actually funded with funds received from other investors. The operation was a classic Ponzi scheme.

Hahn, a 64 year old former insurance agent,  raised over $5.4 million from the investors and returned about $4 million in the form of “interest” payments to investors to give the impression of a legitimate ongoing enterprise.

Hahn faces up to 20 years.

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.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

 

Garrett “Drew” Ahrens- Former LPL Financial Broker-Discloses Sanction and Settlements Over REIT Investments-Lafayette, LA

May 2017- Lafayette, Louisiana

Garrett A. Ahrens  (aka Drew Ahrens) , entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that between January 2011 and June 2013, Ahrens prepared about 65 consolidated reports for at least four customers. The consolidated reports reflected the current value of investments including private placements and non-traded real estate investment trusts (REITs).

According to the AWC, the values of some of the investments were inaccurate and overstated the actual value of the accounts.

AWC No.  2013036001201

Ahrens was fined $5,000 and suspended for one month.

According to FINRA recordsAhrens  was registered with LPL Financial  from 6/1998 until 9/2015. He is not currently registered.

Ahrens discloses two prior customer disputes involving REITs that were settled.

In FINRA case 13-0316 a customer of LPL Financial alleged that limited partnerships and REIT investments were not suitable and that risks were not explained. That case was settled for $97,500.

In FINRA case 10-3678 a customer of LPL Financial alleged unsuitable investments in REITs (real estate investment trusts) , breach of contract, breach of fiduciary duty and other claims. That case was settled for $875,000.

If you have losses in an account handled by Ahrens, call to discuss your options with an experienced securities lawyer.

Alternative investments include non publicly traded real estate investment trusts (REITS) , equipment leasing, oil and gas, hedge funds, real estate, commodities and derivatives contracts and, managed futures.  These investments tend to be complex, illiquid, nontransparent, hard to value and expensive. Many of the alternative investments sold over recent years are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed.

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.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

 

Robert W. Baird & Co. Broker Sanctioned for Trading Without Approval

October 16, 2015- Portland, Oregon

James G. Christianson  , entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that from July 2011 to November 2012 he effected approximately 822 purchases and sales of securities in three accounts of a customer and in more than half the transactions he did not discuss the transactions with the customers before placing them.

By such action Christianson exercised discretion without obtaining written authorizations from the customer in violation of FINRA and NASD Rules.

 

AWC No.   2012034397901

Christianson  was fined $10,000 and suspended for 15 days.

According to FINRA records, Christianson  was registered with Robert W. Baird from 11/2014 until the suspension. Prior to that he was registered with McAdams Wright Ragen from 9/2012-11/2014.

McAdams Wright Ragen was acquired by Robert W. Baird & Co. in 2014.

 

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.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870