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.
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