February 2017- Plano, Texas
In a news release dated February 14, 2017, the Financial Industry Regulatory Authority (FINRA) announced that a FINRA hearing panel expelled Plano, Texas based brokerage firm Red River Securities , barred CEO Brian Keith Hardwick and ordered the company and Hardwick to pay $24.6 million in restitution for fraudulent sales of five oil and gas deals issued by Regal Energy, LLC, an affiliate of Red River Securities.
The FINRA panel found that the purchases of the oil and gas deals were not suitable for two customers, one who was a 74 year old self employed farmer and dog breeder who invested nearly $100,000, which was more than half of her annual salary.
Unless the panel’s decision is appealed to FINRA’s National Adjudicatory Council (NAC) or is called for review by the NAC , it will become final after 45 days.
Victims who made investments in these oil and gas deals as a result of a recommendation by a registered broker may be entitled to damages through FINRA arbitration. Call 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.
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