Soreide Law Group has filed a FINRA arbitration on behalf of our client (Claimant) against:
TEXAKOMA FINANCIAL, INC. and their registered representative,
SHEA PETER KENNEDY (SHEA P KENNEDY) (Repondents).
The Claimant resides in Nevada, and according to the lawsuit, around August of 2023, SHEA P KENNEDY contacted the Claimant unsolicited, apparently after the Claimant had interacted with social-media content concerning oil investing. The Claimant allegedly was persuaded to invest by the Respondents in the first Montana drilling program in November 2023.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, SHEA PETER KENNEDY (SHEA P KENNEDY) has been registered with TEXAKOMA FINANCIAL, INC. of Plano, Texas, since 3/2/1987. Kennedy has been registered with this firm for 39 years.
According to the lawsuit, the Claimant wanted diversification and a reasonable return and did not seek an aggressive program of repeated speculative drilling commitments. The lawsuit alleges SHEA P KENNEDY encouraged him to buy multiple units and repeatedly emphasized tax benefits, even after Claimant said he was investing for income, not tax write-offs. After the initial purchase, allegedly Kennedy contacted the Claimant often and promoted additional Montana and Texas wells. The lawsuit alleges that the Claimant repeatedly said he wanted to wait and see whether the original wells produced the represented results, however SHEA P KENNEDY allegedly stated that the opportunities would disappear and that Claimant would regret missing them.
The Claimant invested in the following: Lustre 2-36 & 1-10 (Montana), Bozeman No. 1 (Texas), Lustre 5-35 (Montana), and Fender No. 1 (Texas).
The lawsuit alleges that the recommendations were unsuitable and not in the Claimant’s best interest in light of his stated desire for diversification and income, his lack of oil-and-gas expertise, the highly speculative and illiquid nature of the programs, and the accumulating exposure to one sponsor and industry.
The lawsuit alleges, for losses arising from the recommendation and sale of speculative, illiquid oil and gas drilling interests between November 2023 and April 2025 by the Respondents, the Claimant seeks compensatory damages presently estimated at $860,000, and alleges negligence, negligent misrepresentation and material omissions, breach of fiduciary duty, and negligent supervision.
To discuss this article or any other securities issues, please contact Soreide Law Group and speak to an experienced securities lawyer at no cost: 888-760-6552.
Soreide Law Group represents our clients nationwide before FINRA on a contingency fee basis.
Soreide Law Group has filed a FINRA arbitration on behalf of our client (Claimant) against: TEXAKOMA FINANCIAL, INC. and their registered representative, SHEA PETER KENNEDY (SHEA P KENNEDY) (Repondents). The Claimant resides in Nevada, and according to the lawsuit, around August of 2023, SHEA P KENNEDY contacted the Claimant unsolicited, apparently after the Claimant had […]
Pending customer claims on BrokerCheck name Michael Graham (CRD 3263494) and list LPL Financial as the firm. Each claim is pending and unproven, and no arbitrator has ruled on any of them. The customers allege that Graham misrepresented guaranteed principal and returns on a secured loan related to a real estate deal.
An SEC decision involving Titan Securities (CRD 131392) of Plano, Texas became final on August 7, 2026, according to FINRA's October 2026 Disciplinary and Other FINRA Actions report. The decision fined the firm $50,000. The record lists the firm as JTA Securities Management, Inc. dba Titan Securities.
Phone:
Fax: 1-954-760-6553
Email: [email protected]