Category Archives: Oil & Gas Master Limited Partnership (MLP)

John S. Simpson – Former RBC Capital Markets Broker-Discloses $11M Customer Suit- Hunt Valley, MD

June 2017- Hunt Valley, MD

According to publicly available records John Scott Simpson  (CRD#719367) ,  a  former stockbroker who was last employed by  RBC Capital Markets,   discloses one regulatory event, a currently pending customer dispute, five prior customer disputes and two terminations from employment.

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.

In 12/2016 to resolve allegations that Simpson refused to appear for on the record testimony in connection with FINRA’s investigation of the conduct giving rise to his discharge from RBC Capital Markets, Simpson was permanently barred from the securities industry.

In   2016 four customers of  RBC Capital Markets settled customer complaints against Simpson citing allegations of unsuitability, unauthorized trading, not monitoring accounts, over concentration in the oil sector,  and ignoring requests to reduce exposure to the oil and gas sector in portfolio. Those cases were settled for various cash amounts.

In currently pending FINRA case 16-02205 a customer of RBC Capital Markets alleges that his portfolio was concentrated in the energy and metals sectors and was unsuitable for people of that age and risk tolerance.   The alleged damages are $11,000,000.

In 1/2016, Simpson  was discharged from RBC Capital Markets who made the following allegation on his FINRA record: “violation of firm policy regarding use of discretion in clients accounts“.

In 2003 Simpson, employed by UBS PaineWebber,  was discharged after allegations of “unauthorized trading, violation of the firm’s solicitation policy and management’s loss of confidence“.

John Scott Simpson was employed by RBC Capital Markets from 3/2009 to2/2016, with Ferris, Baker, Watts 5/2003 – 3/2009 and PaineWebber 11/1980 until 5/2003.

If you have losses  in an account handled by John Simpson contact us to discuss your legal 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

Brian K. Hardwick-Former Red River Securities Broker-Discloses Sanctions Over Oil & Gas Deals

May 2017 – Carrollton, TX

According to publicly available records Brian K. Hardwick  (CRD#4522460) ,  a  former stockbroker who was barred by FINRA from acting as a broker or otherwise associating with firms that sell securities to the public discloses 2 final regulatory events and two pending customer disputes

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.

In February 2017 Hardwick was fined $16,214, ordered to pay restitution of over $24 million and barred from the securities industry.  A FINRA hearing panel found that Hardwick violated securities laws by making material misrepresentations and omissions related to joint venture offerings that were set up as general partnerships for the purpose of engaging in oil and gas drilling. The findings stated that Hardwick did not provide authorizations for expenditures (AFEs) to investors and wildly inflated income distributions on prior wells and failed to disclose conflicts of interest.

A petition pending in Nueces County, Texas, seeks damages of $5.8 million and alleges misrepresentations in connection with an oil and gas investment. 2011-PR-00490-4

Hardwick’s registration history includes:

  • Red River Securities of Plano, TX                12/2009-2/2014
  • Sethi Financial Investments, Plano, TX    2/2009-3/2009
  • Texas Securities Inc, Carrollton, TX            11/2002-3/2007

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

Douglas Hardwick-Former Texas Securities Broker-Sanctioned for Sale of Oil & Gas Investments

May 2017 – Carrollton, TX

According to publicly available records Douglas R. Hardwick  (CRD#4522610) ,  a  stockbroker currently not registered, but who was previously registered with  Texas Securities, Inc.,  discloses a pending regulatory matter.

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.

In December 2016 Alabama securities regulators issued a cease and desist order naming Hardwick and others for the solicitation and selling of working interests in oil and gas ventures to Alabama residents without being properly registered as an agent. Admin Order CD 2016-0011. 

 

Hardwick  has not been registered as a securities broker since he left Texas Securities in 8/2009.

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

John Carolyn-UBS Financial Broker-Subject of Numerous Customer Arbitrations Involving Oil & Gas Investments-Houston, TX

May 2017-Houston, TX

The FINRA records of John Carolyn,  a  stockbroker who is employed by  UBS Financial Services  disclose 5 pending customer disputes involving oil and gas securities  and one prior customer dispute.

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 pending disputes include:

  • FINRA case 17-0513- a UBS customer seeks damages of $70,000 for unsuitable concentration of oil and gas investments.
  • FINRA case 16-2280- a UBS customer seeks damages of $450,000 for unsuitable concentration of oil and gas investments.
  • FINRA case 16-1941- a UBS customer seeks damages of $100,000 for unsuitable concentration of oil and gas investments.
  • FINRA case 16-1731- a UBS customer seeks damages of $750,000 for unsuitable concentration of energy securities.

 

John Carolyn has been employed by UBS Financial Services since 4/2002.

If you have questions about an account  handled by John Carolyn , contact us 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

Jonathan T. Pyne-Berthel Fisher Broker-Discloses Settlements Over Alternative Investments-Minneapolis, MN

May 2017-Minneapolis, MN

The FINRA records of  Jonathan T. Pyne (aka Jon Pyne )  ,  a  stockbroker who is currently registered with Berthel Fisher & Co. Financial Services disclose a pending customer dispute and 3 prior final customer disputes.

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.

In the currently pending  a customer of Berthel Fisher alleges damages in an unstated amount due to poor performance of the overall account. The investments at issue include oil & gas, real estate securities and business development companies. This complaint was received by Berthel Fisher in September 2016.

In September 2016 Berthel Fisher settled a complaint brought by one of Pyne’s customers alleging that oil and gas and real estate securities purchased in 2008 and 2009 were unsuitable and misrepresented. That matter was settled for $48,175.

In FINRA arbitration 14-0952 a customer of Pyne’s alleged damages of $250,000 in connection with the sale of unsuitable investments sold to her in 2007 and 2008 in equipment leasing, oil and gas and real estate securities. That case was settled in 11/2015 for $110,000.

Pyne has been employed by Berthel Fisher & Co.   since 2/2007. Pyne discloses a business affiliation with Evergreen Financial Group.

See this for our prior investigation of Jonathan T. Pyne over the sale of the following alternative investments:

  • Gulf Coast Rig & Equipment
  • Reef Income & Development
  • Leaf Equipment Leasing Fund
  • Inland American
  • Cornerstone Properties (now Summit Health Care)
  • Columbia Properties

If you have questions about an account  handled by Jonathan T. Pyne , contact us to discuss your options.

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

Tom (Gil) Parks, Jr.-Former Ameriprise Broker-Discloses Numerous Customer Disputes Over Oil & Gas & Annuity Investments-Stephenville, TX

UPDATED JULY 2017-Stephenville, TX 

According to publicly available records Tom Gilliam Parks, Jr. , (CRD#1558909) ,  a  stockbroker who is not currently registered and who last was employed by Ameriprise Financial Services  discloses 9 pending customer disputes, 14 prior final customer disputes and a termination from employment.

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 customer disputes include:

  • FINRA arbitration 17-0563 in which an Ameriprise customer alleges damages of $113,486 for unsuitable investments, including investments in annuities
  • FINRA arbitration 17-0026 in which an Ameriprise customer alleges damages of $335,000 for unsuitable investments in mutual funds and oil & gas master limited partnerships
  • FINRA arbitration 16-03649 in which an Ameriprise customer alleges damages of $180,000 for unsuitable investments in  oil & gas master limited partnerships
  • FINRA arbitration 16-03125 in which an Ameriprise customer alleges damages of $101,000 for unsuitable investments in  oil & gas master limited partnerships, a closed end mutual fund and a business development company (BDC)

Six of the prior final customer disputes have been resolved by cash settlements, including:

  • FINRA Case 16-03529 in which an Ameriprise customer alleged damages of $95,000 for unsuitable investments in oil & gas master limited partnerships, and a  RiverSource variable universal life policy. That case was settled for $50,000.
  • FINRA Case 16-01069 in which an Ameriprise customer alleged damages of $244,000 for unsuitable investments in equities, funds and oil & gas master limited partnerships. That case was settled for $175,000.
  • FINRA Case 16-0653 in which an Ameriprise customer alleged damages of $148,000 for unsuitable investments in an annuity, an exchange traded fund (ETF) mutual funds and oil & gas master limited partnerships. That case was settled for $70,000.

Tom Parks was employed by Ameriprise Financial Services from 12/1993-4/2016. In 4/2016 Parks was ‘permitted to resign’ from Ameriprise who made the following allegation on his FINRA record: “Registered representative resigned while on heightened supervision for violations of company policy related to suitability, client disclosure and outgoing correspondence.”

If you have losses in an account handled by Tom (Gil)  Parks, Jr. you 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

Kent Argue – Former Investors Capital Broker- Discloses Customer Dispute – TULSA, OK

April 2017- Tulsa, OK

According to publicly available records Kent L. Argue, (CRD#4482886) ,  a  stockbroker who is currently not registered  and was previously registered with Investors Capital Corp. discloses a settled customer dispute.

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.

In FINRA case #13-00225 a customer of Investors Capital Corp. alleged damages of $1,447,708 in connection with direct investments, limited partnerships and real estate investments. That case was settled for $257,546.

Argue was employed with Investors Capital from May of 2006 until December of 2012.

INVESTORS CAPITAL CORP. SUBJECT OF 21 REGULATORY MATTERS–CEASES OPERATIONS FALL 2016

Investors Capital Corp. withdrew its registration with FINRA in fall 2016. Investors Capital has been named in 21 regulatory matters and a number of customer arbitrations. For more information on Investors Capital Corp, follow this link. 

If you have questions about an account in an account handled by Kent Argue or have losses in alternative investments purchased from Investors Capital Corp. contact us to discuss your legal 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