Securities Lawyer Blog | Victim of Fraud?

TAG | oil and gas investment loss

Jan/13

24

FINRA Fines and Suspends Reps

Comments off · Posted by Securities Lawyer in FINRA

The following information is from FINRA’s website under “Disciplinary and Other FINRA Actions, January, 2013.”

Charles Tuttle Mason aka Chip Mason (CRD #2206257, Registered Principal, St. Pete Beach, Florida)

and Darren Duane Gibson (CRD #2311950, Registered Representative,Oceanside, California)

were each fined $5,000 and suspended from association with any FINRA member in any capacity for three months. Without admitting or denying the allegations, Mason and Gibson consented to the
described sanctions and to the entry of findings that while employed as wholesalers at their member firm, they were responsible for promoting a non-registered entity’s offerings
to retail broker-dealers, through sales presentations and providing marketing materials to registered representatives.

FINRA’s findings stated that Gibson, secured selling agreements from retail broker-dealers, who in turn raised more than $300 million from investors and earned $2,930,000 secured selling agreements from broker-dealers, who in turn raised more than $132 million from investors and earned approximately $1,500,000.

FINRA’s findings also included that Mason and Gibson assisted the retail broker-dealers with product training.

Several of the third-party due diligence reports raised concerns about the accounting of inter-offering transactions and the ability of the offerings to generate sufficient revenue from oil and gas investments. Mason and Gibson, continued to market the offerings without having adequately investigated the subject concerns and determining for themselves whether the offerings were appropriate to be recommended to investors.

Mason’s suspension is in effect from November 19, 2012, through February 18, 2013.

Gibson’s suspension is in effect from November 19, 2012, through February 18, 2013.
(FINRA Case #2011026598101) This ends the information from FINRA’s website.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, represents clients nationwide before FINRA. If you or a loved one have sustained investment losses due to your stock broker or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

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Jan/12

17

Did You Invest in These Oil and Gas Offerings?

Comments off · Posted by Securities Lawyer in FINRA

Soreide Law Group, PLLC, is currently investigating the following oil and gas deals:

KBS REIT, DBSI, BDA Bradford Drilling, United Development Fund, Leaf Equipment Leasing Fund, Cypress Equipment Fund, Net REIT, REEF Income and Development Fund, and Waveland Drilling Partners.

Investors can file arbitration claims, as an option if they have been victimized by these products, if the investments were recommended by a financial advisor at a brokerage firm.

There were massive commissions involved in oil and gas deals, and the commissions often provided an incentive for the broker to recommend these products. In many cases, these were not appropriate or suitable investment recommendations for their clients. Often, an unsuitable and inappropriate amount of the client’s portfolio was placed into these investments. Brokers and financial advisors have a duty to only recommend investments that are appropriate for their client.
 
If you or a family member have sustained losses in any of these oil and gas investments due to your stock broker or financial advisor’s recommendation, call 888-760-6552, or visit www.securitieslawyer.com.
 
Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.

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