Tag Archives: recover oil & gas losses

Timothy T. Gibbons-Former Morgan Stanley Broker-Ordered to Pay Former Customers $749K-New Orleans,LA

NOVEMBER 2017 UPDATE-FOLLOW THIS LINK.

May 2017-New Orleans, LA

According to FINRA records, Timothy T. Gibbons a former Morgan Stanley broker, without admitting or denying the findings, entered into an agreement with FINRA to resolve allegations that he made unsuitable investment recommendations to five elderly customers ranging in age from 72 to 90.

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.

According to FINRA Letter of Acceptance Waiver and Consent No. 2015047910601, Gibbons over concentrated the accounts of these elderly clients in a single energy sector security. The concentration level in the customer’s accounts ranged from 65% to 79%.

The recommendation to invest in such a manner was unsuitable based on the customer’s age, risk tolerance, investment objectives and financial circumstances. FINRA Rule 2111(a) requires stockbrokers to have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer taking those and other factors such as tax status, investment experience time horizon and liquidity needs, into account.

Gibbons, who was employed by Morgan Stanley from 2009-2015,  was suspended from association with any FINRA member for 18 months, fined $20,000 and ordered to pay partial restitution to the customers of $716,750.

 

If you have questions about an account handled  by Timothy Gibbons or if you believe your broker over concentrated your portfolio in energy stocks or made other unsuitable recommendations, 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

The Investment Center Fined $50K For Sale of Energy Stocks to Texas Residents

August 2016- Austin Texas

The Texas State Securities Board (TSSB) sanctioned The Investment Center, Inc. , a New Jersey securities dealer registered in Texas for failing to supervise one of their stock brokers who overloaded a client account with low-priced securities of energy companies.

The Investment Center was fined by TSSB and assessed a fine of $50,000. According to the TSSB Consent Order:

  •  A review of the clients’ accounts revealed that a majority of those clients held more than 95% of their total assets in equities, with shares of energy companies comprising 100% of their equity holdings. In most of the accounts reviewed, clients’ entire equities holdings were shares in a single company.

  • The agent recommended clients buy low-priced shares of energy companies even when the clients indicated they had a low tolerance for risk.

  • The Investment Center did not speak with any of the clients to confirm that the activity in their accounts was in line with their objectives and risk tolerances or that the broker was seeking the clients’ pre-approval prior to purchasing the concentrated positions.

 

  • The Investment Center failed to adequately address internal alert reports. These alerts were based on the concentrated equity positions in client accounts, the decline in value of certain accounts, and the agent’s pattern of amending some clients’ customer information to include “speculation” as an acceptable level of risk.

If you have losses in an account handled by The Investment Center, 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

Jack G. Merritt-Crown Capital Broker-Discloses Customer Dispute Over Oil & Gas Investments

Huntington Beach, CA

According to FINRA records,  Jack G. Merritt  a stockbroker  who works  for Crown Capital Securities  discloses  a pending 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  currently pending FINRA Case 15-02843, a customer alleges damages of $80,000 and alleges breach of fiduciary duty, violation of NASD and FINRA Rules, breach of contract, negligence and fraud in connection with the purchase of five private placement oil and gas investments.

Merritt has been employed by Crown Capital Securities since 2004.

If you have questions about an account handled  by Jack G. Merritt, 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

Sean W. Mollard-Former Dawson James Broker-Discloses $1M Customer Dispute

Boca Raton, Florida

UPDATE APRIL 2017-FINRA records indicate that FINRA arbitration 16-0849, described below, was settled in February 2017 for $295,000.

ORIGINAL POST JUNE 2016

According to FINRA records,  Sean W. Mollard   a stockbroker  who  is currently employed by Westpark Capital, Inc. , discloses a pending customer dispute. He also discloses a final 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.

In currently pending FINRA Case 16-000849, a customer while Mollard was employed by Dawson James Securities,  alleges damages of $1,000,000 for failure to follow instructions, material misrepresentations and omissions, excessive trading and commissions, unauthorized trading, unsuitable recommendations and breach of contract.

In 2014, Mollard was fined $5,000 and suspended for six months.  These sanctions were imposed to resolve FINRA allegations that Mollard failed to timely respond to FINRA requests for information and documents. It was not until FINRA issued a Notice of Suspension to Mollard that he responded to the requests. FINRA Case#2012034500102.

According to FINRA records Mollard has been registered with Westpark Capital since 9/2014.. His previous registration history includes:
7/2013-12/2013 Aegis Capital 
5/2007-9/2012 Dawson James Securities
8/2006-5/2007 Chicago Investment Group

If you have questions about an account handled  by Sean W. Mollard, 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

Minerva-Rockdale E&P III-How to Recover Investment Losses

Investors who have losses as a result of investing in Minerva-Rockdale E&P III may be able to recover some or all of their  losses through arbitration.

On May 16, 2016, the Manager of Minerva-Rockdale E&P III sent out a letter advising investors that they are still not receiving any revenue from the property. Investors were also advised in the letter that ” a few new developments also do not bode well for the longevity and financial health of our company”. Investors are further advised  of a split in management, a decline in production and a current cash balance that is  insufficient to pay for preparation of the 2015 tax return.

The Minerva-Rockdale E&P III, LLC,  private placement offering in May 2012, authorized the issuer Euro Pacific Capital to raise $14,200,000 for a pooled investment fund to invest in existing oil production in Texas. This investment is a private placement offering and therefore interests in this investment cannot be sold on any conventional market. While the recent letter indicates they are seeking a buyer, due to the low pressures and production decline coupled with the overall pricing issues faced by the energy sector, investors are not likely to receive any substantial portion of their original investment.

Stockbrokers are required to only make recommendations to investors that are suitable given age, health and level of financial sophistication. Private offerings in the energy sector such as this may not be suitable for retirees and those lacking financial sophistication.

If you have losses on Minerva-Rockdale E&P III, you may be able to recover losses through FINRA arbitration. Call to learn your options.

Losses on Minerva-Rockdale E&P IV? We are investigating potential investor claims. See this for details. 

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

Nathan Halsey / TexStar Oil Sued for Fraud by SEC- Dallas, TX

February 19, 2016- Dallas, TX

The Securities and Exchange Commission filed charges against Nathan Halsey, 35, of Dallas, TX and TexStar Oil, Ltd. charging them with fraudulently offering securities through misleading investment materials and keeping funds from investors who believed they were investing in an entirely separate company.

The SEC’s complaint, filed in the U.S. District Court for the Northern District of Texan on February 17, 2016, alleges:

  • TexStar and its founder and CEO Halsey raised at least $1.1 million from investors in China and Southeast Asia in fraudulent securities transactions and distributed false promotional materials in an effort to raise more funds.
  • These false promotional materials described a successful, asset-rich company that held no profitable oil-and-gas assets, never drilled or produced any wells, and never generated investor returns.
  • Halsey invited Chinese investors to Texas, showed them an operating oil well owned by another company, raised funds for an alleged investment in that well, and then kept that money for TexStar, without telling investors.

LInk to SEC Complaint

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