May 2017 – Carrollton, TX
According to publicly available records Brian K. Hardwick (CRD#4522460) , a former stockbroker who was barred by FINRA from acting as a broker or otherwise associating with firms that sell securities to the public discloses 2 final regulatory events and two pending 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 February 2017 Hardwick was fined $16,214, ordered to pay restitution of over $24 million and barred from the securities industry. A FINRA hearing panel found that Hardwick violated securities laws by making material misrepresentations and omissions related to joint venture offerings that were set up as general partnerships for the purpose of engaging in oil and gas drilling. The findings stated that Hardwick did not provide authorizations for expenditures (AFEs) to investors and wildly inflated income distributions on prior wells and failed to disclose conflicts of interest.
A petition pending in Nueces County, Texas, seeks damages of $5.8 million and alleges misrepresentations in connection with an oil and gas investment. 2011-PR-00490-4
Hardwick’s registration history includes:
- Red River Securities of Plano, TX 12/2009-2/2014
- Sethi Financial Investments, Plano, TX 2/2009-3/2009
- Texas Securities Inc, Carrollton, TX 11/2002-3/2007
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