Our firm has won a $1.5 million award against a Texas-based brokerage firm that sold private placements in an oil and gas business venture to our client. The award included a significant million dollars in punitive damages. Silver Law Group continues to represent other investors in failed private placements or Reg D offerings.
Our Client Loses a Significant Amount of Money in an Oil and Gas Private Placement
According to the FINRA statement of claim, a broker of the Texas-based brokerage firm first met with our client and convinced him to fly to Texas for the investment pitch. Our client then met with the CEO of the brokerage firm and pitched the investment to our client. The investment proceeds would allegedly by used to drill oil wells for oil production. The CEO of the brokerage firm promised great returns on the investment within six months. Our client was convinced and invested approximately $521,000 – almost all of his life savings.