Category Archives: Energy Securities

Cardinal Energy Group Investors May Have Been Misled & Have Claims for Recovery

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

All American Oil & Gas Inc. Losses? How to Recover Damages

November 2018, San Antonio, TX

All American Oil & Gas Inc. and its subsidiaries, Kern River Holdings Inc., and Western Power & Steam Inc.  filed for Chapter 11 Bankruptcy on November 12, 2018. According to the company press release, the bankruptcy filing was “due to an ongoing dispute with its secured lenders”

All American Oil & Gas Inc. , through its subsidiary Kern River Holdings Inc. is the largest private oil and gas producer in the Kern River Oil Field, located in the San Joaquin Valley of California. 

Investors in limited partnership units, high yield (junk) bonds, notes and stock issued by All American Oil & Gas who have suffered losses may be able to recover damages from the brokerage firm or financial advisor who made the recommendation. 

If you have suffered losses, contact us for a no charge consultation. 

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

David Colflesh-Former NYLife Securities Broker-Subject of Multiple Customer Suits Over Mutual Funds-Tarkio, MO

October 2018- Tarkio, Missouri

The FINRA records of  David R. Colflesh ,  a  former stock broker who is not currently registered and who was last employed by NYLife Securities  disclose  a regulatory suspension and 18 prior 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 October 2018 FINRA suspended Colflesh for 18 months and fined him over $34,000 to resolve allegations that he recommended non diversified mutual funds (in energy, oil and gas)  to customers without having a reasonable basis for believing they were suitable, as he had not adequately educated himself about the funds. FINRA found that Colflesh knew his recommendations exceeded his firm’s limits on concentrations of risky stocks.

In 17 prior customer disputes NYLife paid cash settlements totaling about $750,000 to former customers of Colflesh who suffered losses on unsuitable mutual funds.

David Colflesh was employed by NYLife Securities from 9/1983-11/2016 and operates Colflesh Financial Services Inc. in Maryville, MO.

If you have losses in an account handled by David Colflesh  call for a no charge consultation to learn about your options for recovery of damages from NYLife Securities.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Walter M. Stucker-Former UBS Broker- Named In $600K Suit Over Energy Investments-Ft. Worth, TX

August 2018-Ft. Worth, Texas

The FINRA records of  Walter M. Stucker,  a  stock broker who is currently employed by Wells Fargo Clearing Services ,  disclose a pending customer dispute and 2 prior 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 currently pending FINRA arbitration 18-1155 a customer of UBS Financial Services alleges that Stucker unsuitably concentrated their portfolio in the energy sector and misrepresented the risks associated. The customer seeks damages of $600,000.

Stucker was employed by UBS Financial from 4/2008-5/2017. He is currently employed by Wells Fargo.

If you have losses in an account handled by Walter M. Stucker call for a no charge consultation to discuss 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Regan A. Rohl-Wells Fargo Broker-Subject of Numerous Customer Suits Over Oil & Gas Investments-Fargo, N. Dakota

July 2019- Fargo, N. Dakota

The FINRA records of Regan A. Rohl  , a stock broker who is employed by Wells Fargo Advisors Financial Network , disclose  3 pending customer disputes and 13 prior 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.

The  FINRA arbitrations that are currently pending include:

  • FINRA Case 19-0891 in which a customer of Wells Fargo seeks damages of $200,000 and alleges that Rohl engaged in unauthorized trading and made unsuitable investment recommendations.
  • FINRA Case 19-9987 in which a customer of Wells Fargo alleges that Rohl made unauthorized trades and that he over concentrated their accounts in oil and gas related investments. The customer is seeking damages of $1million.
  • FINRA Case 18-3050 in which a customer of Wells Fargo alleges that Rohl engaged in authorized trading and made unsuitable investments to purchase master limited partnerships beginning in 2011 and is seeking damages of  $3 million.

Customer disputes that have been previously resolved include:

  • FINRA Case 18-562 in which a customer of Wells Fargo alleged that Rohl made unsuitable investments in direct investments and limited partnerships. The customer was paid a settlement of $375,000.
  • FINRA Case 17-1013 in which a customer of Wells Fargo and his former employer Morgan Stanley alleged that Rohl misrepresented the risks associated with concentrated investments in energy stocks. The was paid a settlement of $15,000.
  • FINRA Case 17-1914 in which a customer of Wells Fargo alleged that Rohl made unsuitable recommendations to invest in limited partnerships and direct investments. The customer received a settlement of $55,000
  • FINRA Case 17-1577-a Wells Fargo customer alleged that between 4/2011 and 12/2016 Rohl made unsuitable recommendations to buy and concentrate their portfolio of four accounts into oil and gas sector master limited partnerships and closed end funds. They also allege that Rohl recommended they utilize a line of credit secured by their Wells Fargo account to refinance existing loans and that they paid exorbitant interest as a result. A settlement of $475,000 was paid to the customer.
  • FINRA Case 17-782 in which a Wells Fargo client alleged that Rohl purchased unsuitable master limited partnership in their accounts between 2011-2015 and that they were moved into a discretionary trading account without authority. The case was settled for $68,500.

Regan Rohl   has been employed by Wells Fargo since 3/2011 and has a business affiliation with Rohl Arabians, a company that raises Arabian horses.

DUTY TO MAKE SUITABLE RECOMMENDATIONS-Brokers have a duty to make recommendations that are suitable, taking into account the age, health, level of financial sophistication, risk tolerance and investment objectives of the customer.

DUTY TO OBTAIN AUTHORIZATION TO TRADE-Unless a customer has granted permission, in writing, to trade an account, the broker is required to obtain the customer’s permission prior to executing any purchases or sales in the account.

If you have questions about  an account handled by Regan Rohl, call for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870