Nobles & Richards Fined by Securities Regulators
May 2022-Plano, TX
Nobles & Richards, Inc. is a broker dealer located in Plano, TX that sells Oil and Gas private placements and limited partnerships. The company was formed in 2007 and its principals are Ilonka Nobles and James Ross Richards.
In January of 2022, FINRA alleged that Nobles & Richards failed to conduct reasonable due diligence on two private placement offerings between May 2016 and June 2018 prior to serving as the managing broker dealer involving a manager who was a director, general partner or managing member of the issuer. In addition, FINRA found that while serving as managing broker dealer, they failed to use an escrow agent and instead transmitted funds directly to the issuer.
Nobles & Richards was censured , paid FINRA a fine of $25,000 and required to implement supervisory systems and procedures to resolve the regulatory matter.
Oil & gas private placements are extremely speculative in nature. The risk associated with these investments is only suitable for those
individuals who understand and are financially capable of taking the
risk inherent to these products. If you were sold an oil & gas investment based upon misrepresentations, such as the inaccurate representation of the production of wells in the target area, or if this type of investment is unsuitable for a person your age and profile, you may be able to recover all or a part of your losses through FINRA arbitration.
If you have questions about losses in your brokerage or investment account, contact us for a no charge consultation to explore your legal rights.
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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