In July 2014 the Financial Industry Regulatory Authority (FINRA) sanctioned Source Capital Group, Inc. $100,000 to resolve allegations that the firm sold investments in an entity without adequately disclosing material information to investors and in order to solicit investments in private offerings of oil and gas securities, the firm made exaggerated promises to customers.
In FINRA Letter of Acceptance, Waiver and Consent #2008011771602 , which Source Capital accepted without admitting or denying the findings, FINRA found:
- Between October 2006 and December 2012, a Source Capital Group branch office in Bowling Green, Kentucky sold interests in Blue Ridge Securities, an oil and gas investment without adequately disclosing the compensation arrangement between Blue Ridge and Source Caital brokers
- Source Capital brokers solicited investors in Argyle Securities, another oil and gas investment, using emails that made unfounded promises regarding the performance of Argyle Securities.
- Individuals involved were Kevin Cline who was manager of one of the Bowling Green branches , J.R. Burr who was manager of a second branch and Vincent Christopher and Thomas Gilleland , brokers working for Source Capital in Bowling Green.
Source Capital Group was formed in 1994 and has its main office in Westport, Connecticut. They currently have regional offices located in:
- Scottsdale, AZ
- West Hartford CT
- Pearl City, Hawaii
- Bowling Green, KY
- Morristown, NJ
- New York City
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.
Florida-561 391 1900