May 2019 – Dallas, Texas
In March 2019, the Securities and Exchange Commission charged Texas based Cardinal Energy Group (CEGX) and former CEO Timothy W. Crawford with fraudulently concealing the loss of the company’s major source of revenue. SEC v Timothy W. Crawford, et al , No 19-civ-1022 (S.D. Ohio).
According to the SEC complaint, Cardinal lost control of its interest in two oil and gas leases that accounted for nearly all of the company’s revenue, however, rather than disclosing this event to investors Cardinal and Crawford misrepresented the fact that the leases were still expected to be a part of the company’s future business.
Cardinal and Crawford are charged with various violations of the Securities Acts of 1933 and 1934 and the complaint seeks injunctions, disgorgement, civil penalties and a penny stock bar.
Financial advisors and brokerage firms are required to make suitable recommendations to investors, taking into account the age, health, net worth and risk tolerance of the individual.
If you have suffered losses on an investment in Cardinal Energy Group as a result of the recommendation of your financial advisor, contact us for a no charge consultation to learn about your legal options for recovery of damages.
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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