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This blog is written by Robert H. Rex, Esq. who is a securities attorney and a passionate advocate for investors rights. With over 30 years of legal experience, 25 of which have dealt almost exclusively with the recovery of stockmarket and investment losses for mostly elderly clients, he and his... More
My company:
Rex Securities Law
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Rex Investment Loss Recovery Blog
  • FINRA Fines Nobles & Richards On Oil & Gas Private Placements 0 comments
    Mar 23, 2013 12:27 PM

    Nobles & Richards, Inc. is a broker dealer located in Plano, TX that sells Oil and Gas private placements and limited partnerships. The company was formed in 2007 and its principals are Ilonka Nobles and James Ross Richards.

    In October of 2012, FINRA alleged that Nobles & Richards failed to implement an adequate supervisory system to ensure that it conducted reasonable investigations of an issuer of a regulation D private placement offering of speculative oil & gas programs. FINRA alleged that the company failed to compare actual well performance with their projections and that:

    "If it had, the firm would have discovered that its viability projections were inaccurate. In fact, none of the issuer #1's wells met the firm's projections. Nevertheless, the firm continued to recommend and sell its customers interests in issuer #1's oil and gas private placements. "

    Nobles & Richards paid FINRA a fine of $10,000 to resolve the regulatory matter.

    To access the FINRA disclosure record for Nobles & Richards or any of their brokers, see this for more information.

    Oil & gas private placements are extremely speculative in nature. The risk associated with these investments is only suitable for those individuals who understand and are financially capable of taking the risk inherent to these products. If you were sold an oil & gas investment based upon misrepresentations, such as the inaccurate representation of the production of wells in the target area, or if this type of investment is unsuitable for a person your age and profile, you may be able to recover all or a part of your losses through FINRA arbitration.

    If you have questions about losses in your brokerage or investment account, contact us for a no charge consultation to explore your legal rights.

    Nationwide representation.

    Rex Securities Law

    561 391 1900

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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