Category Archives: Oil related investments

Dallas Oil & Gas Promoters-SourceRock Companies-Subject of TX State Securities Board Order

February 2018-Dallas, Texas

The Texas State Securities Board (TSSB) entered an Emergency Cease and Desist Order against Jason A. Gilbert and Parker R. Hallam who are doing business through SourceRock Energy Phoenix Prospect LP, SourceRock Energy GP and SourceRock Energy Partners. 

According to the TSSB order Gilbert and Hallam are soliciting $4.4 million for an oil and gas project (Phoenix Prospect)  without disclosing their history of unpaid tax liens and allegations of fraud, are doing business from 2711 North Haskell Ave, Dallas, TX, and through a website WWW.SourceRockOil.com.

The TSSB order also makes the following findings:

  • In June 2016 Hallam was named as a defendant in SEC v Christopher A. Faulkner, et al, Case No: 3:16-cv-1735-D , Northern District of Texas alleging that Hallam violated the Securities Exchange Acts of 1933 and 1934.
  • Hallam is intentionally failing to disclose one or more material facts including other securities related litigation detailed in the order.
  • gilbert failed to disclose numerous IRS tax liens filed against him in Miami-Dade County, FL, Manhattan Borough, NY, and Dallas, TX.

The TSSB orders defendants to cease and desist from engaging in fraud and offering securities in Texas through an offer containing a statement that is materially misleading or otherwise likely to deceive the public.

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

Jesse Griffin – Former VSR Financial Services Broker- Discloses Numerous Customer Disputes – Palm City, FL

February 2018 – Palm City, FL

The FINRA records of  Jesse Julian Griffin, Jr. ,  a  stockbroker who was formerly  employed by  VSR Financial Services  discloses settlement of 5 customer disputes involving alternative investments.

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 June of 2015, a customer of VSR Financial Services alleged  that investments  in  direct investment programs,  limited partnership interests, oil and gas investments  , real estate securities and promissory notes were unsuitable. That case was settled for $52,000 .

In August of 2014, a customer of VSR Financial Services alleged investments that direct investments , limited partnership interests , investments in oil and gas programs and real estate securities were unsuitable given their age.  The case was settled for $7,000.

In April of 2014, another customer of VSR Financial Services alleged receiving poor advice  resulting in an unsuitable recommendation.   In FINRA Case #14-1322 they alleged fraud, break of fiduciary duty, and negligence  from May of 2007 to September 2008.  The investments at issue were direct investments, promissory note and limited partnership interests in oil and gas and real estate securities.  This case was settled for $92,500 .

In April of 2013, a VSR Financial Services customer alleged breach of fiduciary duty, misrepresentation, negligence, violation of Arizona securities laws and breach of contract for account activities from November 2006 to May of 2009.   The investments at issue were direct investments and limited partnership interests in oil and gas and real estate securities.   This case settled for $77,500 with the broker responsible for $10,000 of the settlement.

In FINRA Case 11-00894, a VSR Financial Services customer alleged violation of Maine Uniform Securities Act, common law fraud, misrepresentation, breach of fiduciary duty, gross negligence and breach of industry rules.    The investments at issue were direct investments and limited partnership interests in oil and gas and real estate securities, promissory note and security futures.  The case was settled for $250,000.

Griffin was employed by VSR Financial Services from October 2006-July 2016. He is currently employed by Newbridge Securities Corporation in Palm City, FL.  

If you have losses in an account in an account handled by Jesse Griffin or another broker who was employed by VSR Financial Services , contact us to discuss how you may be able to recover damages for those losses.

VSR Financial Services was fined $550,000 by the Financial Industry Regulatory Authority (FINRA) in May 2013 in connection with the sale of alternative investments . In their findings, FINRA criticised VSR Financial for recommending high concentration levels of alternative investments in customer accounts and for its lack of supervision over the use of consolidated reports prepared by brokers and provided to customers.

Alternative investments include non publicly traded real estate investment trusts (REITS) , 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.

 VSR wound down operations at the end of 2016 and transferred most of their brokers and customer accounts to Summit Brokerage ServicesSee this for more information regarding VSR Financial Services.

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

Gil Parks-Former Ameriprise Broker-Discloses Numerous Settlements With Customers-Stephenville, TX

JANUARY 2018-Stephenville, TX 

According to publicly available records Tom “Gil” Parks, Jr. , (CRD#1558909) ,  a  stockbroker who is not currently registered and who last was employed by Ameriprise Financial Services  discloses 7 pending customer disputes, 19 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 pending customer disputes include:

  • FINRA arbitration 17-2542 filed in 9/2017 in which a customer of Ameriprise seeks damages of $101,000 and alleges they were sold unsuitable real estate investment trusts (REITs), master limited partnerships (MLPs) and mutual funds.
  • FINRA arbitration 17-1532-an Ameriprise customer seeks damages of $78,000 and alleges unsuitable investments in oil and gas master limited partnerships (MLPs).
  • 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
  • Two cases are pending in Texas District Court in Tarrant County. Each case seeks damages in excess of $1 million.

Prior final customer disputes that have been resolved by cash settlements include:

  • FINRA Case 16-1486- an Ameriprise client sought damages of $400,000 alleging that Parks placed her in various unsuitable investments including non-publicly traded real estate investment trusts (REITs), oil and gas master limited partnerships (MLPs) and in an equity mutual fund using margin borrowing. In April 2017 that case was settled for $180,000.
  • 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 “Gil” 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

Jeffrey R. Wilson-Wells Fargo Broker-Customer Wins Arbitration Over Energy Investments-Las Cruces, NM

January 2018-Las Cruces, NM

The FINRA records of  Jeffrey Randolph Wilson  ,  a  stockbroker who is currently  registered with Wells Fargo Clearing Services disclose a currently pending customer dispute over energy investments , a recent arbitration award to a customer  and 2 other prior 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 March 2017, following a three day hearing,  a FINRA arbitration panel ordered Wilson’s employer, Wells Fargo to pay  a former customer of $357,000, plus 8.75% interest, for damages related to investments in energy and housing investments and the use of a margin line of credit. Pryor vs. Wells Fargo Advisors, Case #16-01123. 

In December 2016, Wells Fargo paid another Wilson customer $250,000 to settle allegations that direct investments purchased in 2014-2015 were unsuitable.

In October 2016, Wells Fargo paid a Wilson customer $275,000 to resolve allegations that the account had been excessively traded in unsuitable and risky investments.

Wilson   has been employed by Wells Fargo since 5/2014. Prior to that he was employed by Morgan Stanley.

If you have questions about an account  handled by Jeffrey R. Wilson , 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

David Krumrey-Former Oppenheimer Stockbroker-Subject of Customer Complaints-The Woodlands, TX

January 2018-The Woodlands, Texas

We are investigating former Oppenheimer & Co.  stockbroker David W. Krumrey who was recently discharged by Oppenheimer for attempting to settle a customer complaint without informing the firm. According to FINRA records, Krumrey was employed by Oppenheimer from 2009 until his discharge in 8/2017.

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.

A customer of Oppenheimer has filed an arbitration seeking damages of $200,000 alleging negligence, breach of fiduciary duty, negligent supervision and breach of contract related to energy investments.

Another customer of Oppenheimer seeks damages of $91,000 alleging that Krumrey made unauthorized trades in his account.

If you have losses in an account handled by David W. Krumrey, 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

George Oldoerp Investigation-Former H. Beck Broker-Corona, CA

December 2017-San Antonio, Texas – Corona, California

We are investigating former H. Beck , Inc. stockbroker George J. Oldoerp in connection with a FINRA arbitration which we have filed on behalf of an elderly retired couple from San Antonio, Texas.

Our clients, who are seeking damages of $500,000,  allege that Oldoerp made unsuitable recommendations to them in various alternative investments including:

  • Cypress Income Fund VII
  • Cypress Income Fund 9
  • Cypress Income Fund III
  • Cypress Equipment Fund X
  • Atlas Energy
  • FS Investments
  • CNL Lifestyle Property Trust
  • Northstar Real Estate Income Trust
  • Cole Credit Property Trust II
  • Cole Credit Property Trust III

Our clients also allege that Oldoerp asked them to make a personal loan to him. Brokerage firms and industry rules generally prohibit borrowing from customers.

According to FINRA records, George J. Oldoerp  was employed by H. Beck, Inc. from 1/2002-12/2016 .

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.

 

If you have information you feel would be helpful to our investigation, please contact us. If you have questions about an account handled  by George J. Oldoerp, call 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

Lisa Allen-Former VSR Financial Services Broker-Investigation-Austin, TX

December 2017–Austin, Texas

We are investigating former VSR Financial Services broker Lisa A. Allen (Lisa Ann Fowler)  in connection with the sale of various direct investments including real estate securities and limited partnership interests.

According to FINRA records in 2013 Allen was was the subject of  a FINRA arbitration by a customer alleging unsuitable investments, negligence and breach of fiduciary duty in connection with the sale of various direct investments. FINRA Case #13-2256.

FINRA records  report that Allen is currently registered with Calton & Associates. She was previously registered with VSR Financial Services from 6/2002-8/2016. Lisa Allen discloses a business relationship with Smart Money Group, LLC.

VSR’s  Alternative Investment Problem & Closing of Firm

VSR Financial Services closed down its offices in the Fall of 2016.

See below for discussion of VSR’s regulatory issues related to the sale of real estate investment trusts (REITs), oil and gas partnerships and other alternative investments and how you may be able to recover damages for losses on those investments.

VSR is well known for its sales of alternative investments such as non-traded REITs, equipment leasing programs, oil & gas drilling programs, promissory notes and commodity funds. In 2013, VSR and its president Donald Beary, were sanctioned by FINRA in connection with the sale of alternative investments. VSR paid a fine of $550,000.

Recovery of Investment Losses On Limited Partnerships and Other Alternative Investments Purchased From VSR Financial

Over the past several years we have represented a number of investors, mostly retirees, who were recommended alternative investments with the promise of steady, dependable income and minimal risk.

Follow this link for other postings related to the recovery of losses on investments purchased from VSR Financial Services.

Alternative investments include non publicly traded real estate investment trusts (REITS) , 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.

If you have losses in an account with VSR Financial Services, contact us to discuss how you may be able to recover damages for those losses .

Time is of the essence, so if you have a claim, you would be wise to pursue immediately.

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