Soreide Law Group has filed a FINRA arbitration on behalf of their client (Claimant) against:
NTB FINANCIAL CORPORATION (Respondent)
The Claimant, who resides in Arizona and maintained investments with the Respondent at all times relevant, brings this action to recover alleged losses while maintaining an investment relationship with NTB FINANCIAL and its Financial Advisor, Henry “Hank” Urbanowicz. Urbanowicz is not named in this lawsuit.
According to the lawsuit, the losses were sustained due to the alleged mishandling of the savings the Claimant entrusted to the care of NTB FINANCIAL and registered representative, Henry Urbanowicz. The lawsuit alleges that by recommending, Ring Energy, Inc. (NYSE: REI) stock to the Claimant, and many others, the Claimant suffered financial losses.
Ring Energy is a speculative energy company. Ring Energy, Inc. (NYSE: REI) 52-week range was: 0.4300 – 3.3100. Today it is trading at approximately 0.73. The revenues are expected to be $27.36 million, down 45.7% from the year-ago quarter. Ring Energy, Inc., an exploration and production company, acquires, explores, develops, and produces oil and natural gas in Texas and New Mexico. It sells its oil and natural gas production primarily to end users, marketers, and other purchasers. Many brokers may have recommended purchasing REI at over $10.00 per share, potentially in large, concentrated position. Energy stocks can be high-risk and unsuitable for some investors, particularly those investors who have a low to moderate risk profile, and those with retirement in mind.
The lawsuit alleges that several high-ranking members at NTB FINANCIAL serve on the board of directors at Ring Energy. The lawsuit claims that NTB FINANCIAL’s recommendation of Ring Energy to firm clients represents an alleged conflict which caused NTB FINANCIAL to breach its duties to Claimant and other firm clients.
The lawsuit alleges, the Claimant lost approximately $156,000.00. According to the lawsuit, the Respondent’s actions in this case constitute a breach of fiduciary duty, negligence, and negligent supervision.
According to FINRA’s BrokerCheck, HENRY F URBANOWICZ, has been registered in the securities industry for 43 years and has been with NTB Financial since 1993. He has two customer disputes on his FINRA CRD report, both of them are relating to energy investment recommendations.
One dispute was settled in October of 2012, for $12,500.00, following allegations that, “Client invested in an oil and gas limited partnership in a publicly traded oil and gas drilling company starting in November of 2007 and subsequently in July of 2008 and again in December of 2008. He is now alleging unsuitability.”
There is a pending customer dispute filed against Hank Ubanowicz in February of 2020, requesting damages of $393,710.14. The allegations are in part, “Investments made between 2005 and 2019 were unsuitable.”
It is anticipated that Respondents and Urbanowizc will deny all allegations in the lawsuit.
If you’ve suffered losses through the recommendation of the oil and gas stock, Ring Energy, Inc. (NYSE: REI), and were a client of NTB Financial Corporation and/or broker, HENRY F URBANOWICZ of Englewood, Colorado, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your financial losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee and represents our clients nationwide before FINRA.