Category Archives: Commodities

William J. Paynter, Jr. Is Subject of Investor Suit by Elderly Couple Over Oil and Gas Investments-Scottsdale, AZ

October 2017-Scottsdale, AZ

William J. Paynter, Jr., (CRD#2835535) ,  a  stockbroker who is currently employed by Wells Fargo is the subject of a  currently pending customer dispute involving energy sector investments.

In FINRA Case 17-01658 an elderly couple alleges that Paynter recommended unsuitable investments and an over concentration in oil and gas and energy investments. They are seeking damages of $500,000 for negligence, breach of fiduciary duty, negligent supervision and breach of contract. During the time period in question Paynter was employed by Morgan Stanley  (2/2011-11/2014) and then UBS Financial (10/2014/5/2017).

Paynter has been employed by Wells Fargo since 4/2017.

Brokers are charged with the duty of making suitable recommendations to their customers taking into account their age, health and risk tolerance.

If you have losses in an account handled by  William J. Paynter, Jr., contact us to learn how you may be entitled to  recover damages through arbitration before the Financial Industry Regulatory Authority (FINRA). 

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

How to Recover Losses on Miller Energy Resources Investments

OCTOBER 2017

If you suffered losses as a result of following your broker’s recommendation to invest in Miller Energy Resources, contact us to find out how you may be able to recover damages from the brokerage firm through FINRA arbitration.

Miller Energy Resources filed for bankruptcy in October 2015 after the company and its officials were charged with inflating the value of its oil and gas properties by hundreds of millions of dollars.

Many investors were encouraged to invest in Miller Energy Resources and other oil and gas investments believing that such investments were safe and secure only to see the value drop dramatically.

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

Charles C. Shafe-Transam Securities Broker-Discloses Customer Disputes Over Alternative Investments

Altamonte Springs, Florida

The FINRA records of  Charles C. Shafe,  a  stock broker who currently is employed by Transam Securities disclose 4 prior final customer disputes and a prior regulatory event.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

The prior customer disputes include:

  • FINRA Case #12-2719 in which a customer of Transam Securities alleged damages of $400,000 and further alleged that Shafe recommended unsuitable investments resulting in the client potentially losing a significant portion of her retirement assets. The client also alleged that Shafe and Transam Securities conducted inadequate due diligence on the various investments and did not provide proper diversification for her interests.  The subject investments included direct investments, limited partnerships, equipment leasing , real estate (REITs) and oil and gas investments. That case was settled for a total of $150,000. Shafe contributed $40,856 personally toward that settlement.
  • FINRA Case #12-02851 in which a customer of Transam Securities alleged damages of $600,000 an further alleged that Shafe recommended unsuitable investments resulting in client potentially losing a significant portion of client’s assets. The subject investments included direct investments, limited partnerships, and oil and gas investments. That case was settled for $125,000 of which $37,500 was paid personally by Shafe.

Shafe has been registered with  Transam Securities  since 1/1991. Shafe was also registered with Maitland Securities from 10/2004-6/2013 and with The Shafe Group, Inc. from 9/1993-the present.

Alternative investments include non publicly traded real estate investment trusts (REITS) , equipment leasing, oil and gas investments, hedge funds, real estate, commodities and derivatives contracts and, managed futures. It may also include art, wine, antiques, coins or stamps. 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.

If you have losses in an account handled by Charles Shafe, call to learn how you may be able to recover damages through FINRA arbitration.

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

Andrew Todd Yocum Discloses 12 Pending Customer Disputes-The Villages, Florida

The Villages- Florida

According to FINRA records Andrew Todd Yocum ,   a stockbroker who formerly was employed by Morgan Stanley and Summit Brokerage Services.   discloses  twelve pending customer disputes, 4 prior customer disputes, a final regulatory event and a termination.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

The twelve pending customer disputes against Yocum include:

  • A Morgan Stanley client who alleges damages of $65,000 for unsuitable investments made in 2013-2015.
  • FINRA Case #16-904 in which a Morgan Stanley Smith Barney client alleges damages of $361,683 for unsuitable investments made from 2010 to 2015.
  • FINRA Case #16-1350 in which a Morgan Stanley Smith Barney client alleges damages of $141,000 for unsuitable investments made 2014-2015.
  • A Morgan Stanley client who alleges damages of $60,000 for damages resulting from an over concentration of oil & gas related securities.
  • A Morgan Stanley client who alleges damages of $186,000 for unsuitable investments in equities, direct investments and corporate debt from 2012-2015.

Yocum was discharged by Morgan Stanley in 10/2015 and the firm made the following allegation in connection with his discharge, on his FINRA record: “Allegations concerning acting on verbal discretion”. 

In May 2016, Yocum was permanently barred from the securities industry by FINRA. Yocum consented to the sanction and to the entry of findings that he refused to appear for on the record testimony in connection with FINRA’s investigation into whether he made unauthorized transactions, exercised discretion without written authority, and recommended unsuitable concentrated purchases of energy sector securities to senior investors. FINRA Investigation 2015048065701. 

Brokers have a duty to make investment recommendations that are suitable for the customer, taking into account the age, health, investment objective and risk tolerance of the investor. Over concentrating a portfolio in a single sector, such as the energy sector, is generally not suitable.

Investors with losses in accounts handled by Andrew Todd Yocum may be able to recover damages from his former employer through FINRA arbitration.

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

Jerry Lowrimore-Hilltop Securities- Named In Customer Arbitration-Dallas, TX

April 11, 2016-Dallas, Texas

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

FINRA records are public and can be accessed on the BrokerCheck website. 

The FINRA records of Jerry G. Lowrimore, a stock broker who works for Hilltop  Securities (formerly Southwest Securities) , report that he is currently named in an arbitration claim filed by a customer.

FINRA Case 16-00272– customer alleges unsuitable recommendations and strategy with respect to concentrations and investments in precious metals equities, leveraged exchange traded notes, foreign mining companies and other stocks of precious metals companies. Damages of between $100,000 and $500,000 are alleged.

If you have losses in an account handled by Jerry Lowrimore, you may be able to recover damages from his employer.

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 March 2016: SEC Alert Warning Investors to Be Wary of Oil & Gas Investments

 MARCH 2016-After the dramatic collapse of oil prices in the past year, it is apparent that a 2013 SEC investor alert, which we discussed nearly three years ago, was something investor would have been wise to have heeded.

Brokers and financial advisors were on notice of the alerts from regulators when making investment recommendations to their investor customers.

OPTIONS FOR INVESTORS WITH OIL AND GAS INVESTMENT LOSSES.

If you suffered significant losses in oil and gas investments made upon the recommendation of your broker, you may be able to recover damages through FINRA arbitration. Call to speak to an experienced securities attorney. See contact information below.

ORIGINAL POST FROM MAY 2013

On May 2, 2013, the Securities & Exchange Commission (SEC) issued and investor alert on considerations investor should be aware of when investing in private oil &  gas offerings. Follow this link to access the entire document on the SEC website. This warning is much like a similar warning from the North American Securities Administrators Association in March 2013.

The SEC warns that investing in any private security offering contains unique risks, but oil and gas offerings have additional risks to consider. They list these common red flags often used to tout these investments to potential investors:

  • Sales pitches referring to recent news events like high oil or gas prices.
  • “Can’t miss” wells and “guaranteed” returns, including claims that major oil and gas companies are drilling nearby.
  • Abnormally high rates of return.
  • Unsolicited materials.
  • Sales tactics that pressure you to decide, like “limited” or “once-in-a-lifetime” opportunity.
  • Sales pitches touting new technology, especially if it relates to
    getting higher production out of low-producing wells (sometimes called
    “stripper” wells).
  • Salesperson claims to be an investor.
  • Being asked to sign documents acknowledging that the securities laws do not apply to the investment.

A listing of some of the oil & gas private placements recently offered to investors:

  • Adageo Energy
  • Alliance Petroleum Corporation
  • Alpha Energy
  • Atlas Energy L.P.
  • Aztec Oil & Gas
  • Black Diamond Energy
  • Bradford Energy
  • Catalyst Energy
  • Gulf Coast Rig & Equipment
  • Discovery Oil & Gas Partners
  • Mewbourne Energy
  • Noble Royalties
  • Penneco Drilling
  • Reef Oil & Gas Partnerships
  • Ridgewood Energy Fund
  • Sandridge Energy
  • South Central Region Private Limited Partnership
  • South Central
  • Texas Energy
  • Tidal Petroleum
  • U.S. Energy
  • Waveland Capital
  • Waveland Oil & Gas

If you believe you are a victim of stockbroker fraud or negligence, you may be able to recover losses through FINRA arbitration which is much quicker and less costly than litigation in court. Most cases are done on a contingent fee basis and are generally completed in a year or less.

If you have questions or complaints about losses in your brokerage account, call us for a no charge consultation.

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

Losses on Oil & Gas Investments? How to Recover Damages.

March 2016

With oil down 60% from just a year ago, it is no surprise that investments in oil and gas have followed a similar path, generating significant losses in investment accounts of many Americans. If you or one of your loved ones has suffered significant losses in oil and gas investments, you may be able to recover damages.

Brokers Must Make Recommendations that Are Suitable

If the recommendation to invest is not suitable for your investment objectives or risk tolerance you may have a valid claim.

If too large a percentage of your portfolio was invested in oil and gas stocks you may have a valid claim.

If the broker failed to apprise you adequately of the risks accociated with oil and gas investments, you may have a valid claim.

The bankruptcy law practice group of Haynes and Boone reports that since the beginning of 2015,  51 North American oil and gas producers have filed for bankruptcy and that indications suggest further energy company bankruptcies will continue during 2016.

According to the Haynes and Boone report those companies seeking bankruptcy protection include:

  • IVANHOE ENERGY INC. (IVAN)
  • DUNE ENERGY INC. (DUNR)
  • BPZ RESOURCES, INC. (BPZ)
  • QUICKSILVER RESOURCES (KWKAQ)
  • AMERICAN EAGLE ENERGY CORP. (AMZGQ)
  • SUN RIVER ENERGY (SNRV)
  • SARATOGA RESOURCES (HARVEST OIL & GAS) (SARAQ)
  • SEFTON RESOURCES (SER)
  • ARABELLA PETROLEUM (AXPLF)
  • SABINE OIL & GAS (SOGC)
  • AMERICAN STANDARD ENERGY CORP
  • LUCA INTERNATIONAL GROUP
  • SAMCO OIL
  • BLACK ELK ENERGY OFFSHORE
  • SABLE OPERATING COMPANY
  • AMERICAN NATURAL ENERGY CORPORATION (ANEC)
  • ARMADA OIL INC (AOIL)
  • CONTINENTAL EXPLORATION, LLC
  • SAMSON RESOURCES CORPORATION
  • MILLER ENERGY RESOURCES (MILL)
  • AIX ENERGY INC
  • ESCALERA RESOURCES CO (ESCR)
  • PARALLEL ENERGY LP
  • ENERGY & EXPLORATION PARTNERS (ENXP)
  • TRANSCOASTAL CORPORATION (TCEC)
  • CUBIC ENERGY, INC (CBNR)
  • MAGNUM HUNTER RESOURCES CORPORATION (MHR)
  • NEW GULF RESOURCES, LLC
  • SWIFT ENERGY COMPANY (SFYWQ)
  • AURORA OPERATING, LLC
  • MOG PRODUCING, LP
  • ANTERO ENERGY PARTNERS, LLC
  • EMKEY RESOURCES, LLC
  • OSAGE EXPLORATION AND DEVELOPMENT, INC. (OEDV)
  • GINGER OIL COMPANY
  • PRIMROSE LA SARA, LLC
  • ARGENT ENERGY (U.S.) HOLDINGS, INC
  • D.J. SIMMONS, INC.

Call to discuss you legal rights.

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