The following summation of information is available on FINRA's Website under “Disciplinary and Other FINRA Actions, April, 2014.”
Jeffrey Robert Alexander (CRD #5387133, Registered Representative, Colorado Springs, Colorado)
was fined $5,000 and suspended by FINRA for three months. Alexander allegedly recommended investors purchase interests in an oil and gas program to fund the drilling of a well. According to the FINRA report, Alexander did not have even a reasonable basis for personally believing it to be suitable for any investor.
FINRA's findings stated there were “red flags” with the offering company. Some of those red flags were the company's lack of disclosures in the private placement memorandum, and the vagueness of other disclosures. The subscription agreements that the customers completed also lacked particular information such as the client's financial situation, their risk tolerance, and what their liquidity needs might be. Consequently, Alexander could not reasonably believe that investing in an oil and gas program was suitable for clients who invested.
The suspension is in effect from March 3, 2014, through June 2, 2014.
(FINRA Case #2012030570701)
Jeff Alexander was previously registered with the following FINRA firm(s):
SHORELINE PACIFIC, LLC (CRD# 104417) - SAN FRANCISCO, CA
07/2012 - 01/2013
CHASE INVESTMENT SERVICES CORP. (CRD# 25574) - COLORADO SPRINGS, CO
08/2007 - 01/2008
If your stock broker/financial advisor recommended high risk oil and gas offerings, call Soreide Law Group for a free consultation on how to potentially recover those investment losses. To speak with an attorney call 888-760-6552.
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