Tag Archives: recover oil investment losses

Walter M. Stucker-Former UBS Stockbroker-Subject of Customer Suit Over Oil & Gas Investments-Fort Worth, TX

March 2018- Fort Worth, Texas

The FINRA records of Walter M. Stucker , a stockbroker who until 5/2017 was  employed by UBS Financial Services , disclose  a currently pending customer dispute involving energy securities.

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 December 2017 a customer of Stucker’s prior employer, UBS Financial Services, brought a complaint alleging misrepresentation, suitability issues and over concentration in oil and gas limited partnerships. The customer seeks damages of $632,907.

Stucker was employed by UBS Financial Services  from 4/2008-5/2017. He has been employed by Wells Fargo Clearing Services since 5/2017.

If you have questions about an account handled by Walter M. Stucker contact us 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

National Toll Free: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Dallas Oil & Gas Promoters-SourceRock Companies-Subject of TX State Securities Board Order

February 2018-Dallas, Texas

The Texas State Securities Board (TSSB) entered an Emergency Cease and Desist Order against Jason A. Gilbert and Parker R. Hallam who are doing business through SourceRock Energy Phoenix Prospect LP, SourceRock Energy GP and SourceRock Energy Partners. 

According to the TSSB order Gilbert and Hallam are soliciting $4.4 million for an oil and gas project (Phoenix Prospect)  without disclosing their history of unpaid tax liens and allegations of fraud, are doing business from 2711 North Haskell Ave, Dallas, TX, and through a website WWW.SourceRockOil.com.

The TSSB order also makes the following findings:

  • In June 2016 Hallam was named as a defendant in SEC v Christopher A. Faulkner, et al, Case No: 3:16-cv-1735-D , Northern District of Texas alleging that Hallam violated the Securities Exchange Acts of 1933 and 1934.
  • Hallam is intentionally failing to disclose one or more material facts including other securities related litigation detailed in the order.
  • gilbert failed to disclose numerous IRS tax liens filed against him in Miami-Dade County, FL, Manhattan Borough, NY, and Dallas, TX.

The TSSB orders defendants to cease and desist from engaging in fraud and offering securities in Texas through an offer containing a statement that is materially misleading or otherwise likely to deceive the public.

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

Thomas Bodensteiner-Former VSR Financial Services Broker-Subject of Customer Suit Over Losses in UDF IV-Clear Lake, IA

February 2018 – Clear Lake, Iowa

The FINRA records of  Thomas W. Bodensteiner ,  a  stockbroker who was previously  employed by  VSR Financial Services  discloses a pending customer dispute .

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 arbitration #17-0314 a customer of VSR Financial Services alleges unsuitability, negligence and misrepresentation in connection with investments in real estate securities and United Development Funding IV (UDF IV). Damages sought are $50,000.

Bodensteiner was employed by VSR Financial Services from 10/2001-9/2016. He is currently employed by Summit Brokerage Services.  

If you have losses in an account in an account handled by Thomas W. Bodensteiner or another broker who was employed by VSR Financial Services , contact us to discuss how you may be able to recover damages for those losses.

VSR Financial Services was fined $550,000 by the Financial Industry Regulatory Authority (FINRA) in May 2013 in connection with the sale of alternative investments . In their findings, FINRA criticised VSR Financial for recommending high concentration levels of alternative investments in customer accounts and for its lack of supervision over the use of consolidated reports prepared by brokers and provided to customers.

Alternative investments include non publicly traded real estate investment trusts (REITS) , hedge funds, real estate, commodities and derivatives contracts and, managed futures. These investments tend to be complex, illiquid, nontransparent, hard to value and expensive. Many of the alternative investments sold over recent years are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed.

 VSR wound down operations at the end of 2016 and transferred most of their brokers and customer accounts to Summit Brokerage ServicesSee this for more information regarding VSR Financial Services.

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

Jesse Griffin – Former VSR Financial Services Broker- Discloses Numerous Customer Disputes – Palm City, FL

February 2018 – Palm City, FL

The FINRA records of  Jesse Julian Griffin, Jr. ,  a  stockbroker who was formerly  employed by  VSR Financial Services  discloses settlement of 5 customer disputes involving alternative 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 June of 2015, a customer of VSR Financial Services alleged  that investments  in  direct investment programs,  limited partnership interests, oil and gas investments  , real estate securities and promissory notes were unsuitable. That case was settled for $52,000 .

In August of 2014, a customer of VSR Financial Services alleged investments that direct investments , limited partnership interests , investments in oil and gas programs and real estate securities were unsuitable given their age.  The case was settled for $7,000.

In April of 2014, another customer of VSR Financial Services alleged receiving poor advice  resulting in an unsuitable recommendation.   In FINRA Case #14-1322 they alleged fraud, break of fiduciary duty, and negligence  from May of 2007 to September 2008.  The investments at issue were direct investments, promissory note and limited partnership interests in oil and gas and real estate securities.  This case was settled for $92,500 .

In April of 2013, a VSR Financial Services customer alleged breach of fiduciary duty, misrepresentation, negligence, violation of Arizona securities laws and breach of contract for account activities from November 2006 to May of 2009.   The investments at issue were direct investments and limited partnership interests in oil and gas and real estate securities.   This case settled for $77,500 with the broker responsible for $10,000 of the settlement.

In FINRA Case 11-00894, a VSR Financial Services customer alleged violation of Maine Uniform Securities Act, common law fraud, misrepresentation, breach of fiduciary duty, gross negligence and breach of industry rules.    The investments at issue were direct investments and limited partnership interests in oil and gas and real estate securities, promissory note and security futures.  The case was settled for $250,000.

Griffin was employed by VSR Financial Services from October 2006-July 2016. He is currently employed by Newbridge Securities Corporation in Palm City, FL.  

If you have losses in an account in an account handled by Jesse Griffin or another broker who was employed by VSR Financial Services , contact us to discuss how you may be able to recover damages for those losses.

VSR Financial Services was fined $550,000 by the Financial Industry Regulatory Authority (FINRA) in May 2013 in connection with the sale of alternative investments . In their findings, FINRA criticised VSR Financial for recommending high concentration levels of alternative investments in customer accounts and for its lack of supervision over the use of consolidated reports prepared by brokers and provided to customers.

Alternative investments include non publicly traded real estate investment trusts (REITS) , hedge funds, real estate, commodities and derivatives contracts and, managed futures. These investments tend to be complex, illiquid, nontransparent, hard to value and expensive. Many of the alternative investments sold over recent years are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed.

 VSR wound down operations at the end of 2016 and transferred most of their brokers and customer accounts to Summit Brokerage ServicesSee this for more information regarding VSR Financial Services.

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

Timothy T. Gibbons-Former Morgan Stanley Broker-Ordered to Pay Former Customers $749K-New Orleans,LA

November 2017-New Orleans, LA

According to FINRA records,   without admitting or denying the findings, Timothy T. Gibbons a former Morgan Stanley broker,  entered into an agreement with FINRA to resolve allegations that he made unsuitable investment recommendations to five elderly customers ranging in age from 72 to 90.

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.

According to FINRA Letter of Acceptance Waiver and Consent No. 2015047910601, Gibbons over concentrated the accounts of these elderly clients in a single energy related investment. The concentration level in the customer’s accounts ranged from 65% to 79%.

The recommendation to invest in such a manner was unsuitable based on the customer’s age, risk tolerance, investment objectives and financial circumstances. FINRA Rule 2111(a) requires stockbrokers to have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer taking those and other factors such as tax status, investment experience time horizon and liquidity needs, into account.

Gibbons, who was employed by Morgan Stanley from 2009-2015,  was suspended from association with any FINRA member for 18 months, fined $20,000 and ordered to pay partial restitution to the customers of $716,750.

If you have questions about an account handled  by Timothy Gibbons or if you believe your broker over concentrated your portfolio in energy stocks or made other unsuitable recommendations, call 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