FINRA Arbitration Filed Against Guardian Oil & Gas Brokers

An arbitration claim seeking damages for investments in several oil & gas drilling prospects (Sterling Wolfberry, Sterling Tyler & Bull Moose Prospect)  promoted by Guardian Direct Energy Programs, was filed by Rex Securities Law on behalf of  an 80 year retiree from South Florida naming Guardian’s President and CEO Ricky Douglas Mullins, and three former registered representatives Christopher N. Fili, James R. Richards and Robert S Stewart. 

The Securities & Exchange Commission filed civil securities fraud charges against Mullins and Guardian Oil & Natural Gas, Inc. in April 2014, alleging that they failed to disclose the deteriorating financial condition of the company, lied to investors about how invested dollars had been spent, and used investor funds intended for one prospect on unrelated projects.

The claim alleges breach of fiduciary duty, common law fraud, violation of Florida securities statutes, un-suitablity and that the respondent’s placed him in a private placement investment when he was not a qualified accredited investor.

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

Crystal River Oil and Gas Cleared of All Charges

February 11, 2015-Basalt, Colorado

The Aspen Times reports that Crystal River Oil and Gas and its two principal executives have been cleared in an investigation by the U.S. Department of Justice and no charges will be filed.

It appears from the story that the investigation was instigated by a disgruntled former employee.

Rex Securities Law provides nationwide representation to investors 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.

Rex Securities Law

561 391 1900

Jury Decides Sage Advisory Group Tricked Clients to Transfer from Wedbush

A federal jury in Boston found that Sage Advisory Group and its owner Benjamin Lee Grant, engaged in securities fraud by misleading his former customers at Wedbush Morgan Securities to transfer their assets to Sage.  In the case filed by the Securities & Exchange Commission (SEC), civil penalties and return of profits were sought against Sage and Grant.

According to Andrew Ceresney, SEC enforcement director, “This case sends an important message to investment advisors that they must put the needs of their clients before their own”.

Grant worked for Wedbush until leaving in 2005 to launch Sage. He had customer accounts totaling $100 million in assets, which were managed by First Wilshire Securities Management. To induce his customers to follow him to his new venture Grant falsely told them that it was First Wilshire’s idea to move their accounts from Wedbush to a discount broker and that he had formed Sage to manage their investments. Grant also misrepresented the fees he would be charging at the new firm.

His plan worked according the the SEC, with nearly all of his clients following to Sage where his compensation doubled from under $500,000 to over a million.

Brokers do move from firm to firm and generally it is for a legitimate reason. If your broker is changing firms, and suggests that you move your account, you have a right to know why he is moving and for a full disclosure of how the new fee structure compares to the old.

Rex Securities Law provides nationwide representation to investors 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.

Rex Securities Law

561 391 1900

Citigroup Fined $1.85 Million- Ordered by FINRA to pay $638,000 Restitution

FINRA fined Citigroup Global Markets $1.85 million and ordered the company to pay restitution to investors of $638,000 for failing to provide best execution in 22,000 customer transactions involving non-convertible preferred securities.

See FINRA press release for details.

Rex Securities Law provides nationwide representation to investors 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.

Rex Securities Law

561 391 1900