Category Archives: Oil related investments

Richard DeYoung, Jr.-Wells Fargo Broker-Discloses $750,000 Customer Award

October 2020- The Woodlands, TX

According to publicly available records Richard DeYoung, Jr. (CRD#863849), a stockbroker with  Wells Fargo Clearing Services,  discloses that a FINRA arbitration panel awarded substantial damages to a Wells Fargo customer who claimed that he had been sold speculative, unsuitable investments.

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 FINRA case #17-01426 a Well Fargo customer whose account was handled by DeYoung alleged the following causes of action:  unsuitability, common law negligence, breach of contract, respondeat superior, control person and aider liability and failure to supervise. The investments at issue included Breitburn Energy Partners and Linn Energy.   After a full evidentiary hearing, the arbitration panel awarded damages of $750,000, plus interest and costs.

If you had an account with Richard Deyoung that suffered losses, you may be entitled to collect damages from his prior employer. 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Michael Patman Subject of TX Securities Regulators Investigation Over Woodland Resources-Fort Worth, TX

September 2019 -Fort Worth, Texas

The Texas State Securities Board (TSSB) announced that unregistered investment promoter Jeremy “JB” Yowell is cooperating with the Enforcement Division of the State Securities Board in its investigation of Woodland Resources LLC and its director Michael E. Patman.

According to the TSSB release, earlier this year Yowell promoted an investment offering by Woodland Resources, soliciting Texas residents to purchase working interests in oil wells in Seminole County, Oklahoma.

A TSSB emergency order alleges that Patman is violating the Texas Securities Act by failing to disclose that he previously headed two companies that went into bankruptcy and that he owed over $13 million to investors who successfully sued him for fraud.

Yowell was previously sanctioned by Michigan regulators for acting as an unregistered agent selling investments for a commission of up to 20% of the value of the securities sold.

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

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

November 2020- Fargo, N. Dakota

The FINRA records of Regan A. Rohl  , a stock broker who was, until recently,  employed by Wells Fargo Advisors Financial Network , disclose  a pending customer dispute and 15 prior customer disputes and a termination from employment.

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 Case 18-3050  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.
  • FINRA Case 19-0891 in which a customer of Wells Fargo sought damages of $200,000 alleging that Rohl engaged in unauthorized trading and made unsuitable investment recommendations. That case was settled for $35,000.
  • FINRA Case 19-0087 in which a customer of Wells Fargo alleged that Rohl made unauthorized trades and that he over concentrated their accounts in oil and gas related investments. The case was settled in 8/2019 for $296,500.

Regan Rohl   was been employed by Wells Fargo from  3/2011 until 3/2020 when he was discharged by Wells Fargo who makes the following allegation on his FINRA record:  “…advisor was disaffiliated from the Firm for exercising discretion in customer accounts and failing to meet heightened supervision expectations.” Rohl discloses 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