California Securities Fraud Attorney Call Today 800-699-1881
California Securities Fraud Lawyer Firm Overview Attorney Profiles Recoveries Obtained Frequently Asked Questions Testimonials Contact Us
information center
Attorney Advertising Disclaimer
Securities
Broker Misrepresentation
Brokerage Firms Sued
FINRA
Structured Products
Hedge Fund Losses
Recognizing Investment Losses
Recovery of Investment Loss
Securities Arbitration
Reverse Convertible
Misconduct
Securities Fraud
Securities Mediation
Securities Litigation
Stock/ Investment Losses
Suitability/ Unsuitability
Unauthorized Trading
Common Claims
Products
Frequently Asked Questions
Attorney Referrals
Video Center
securities fraud blog
legal blog Click here for a free case evaluation. Read our Articles on Securities Related Issues here. have a question resources
contact us
Name:
Email:
Phone:
Are you a new client?
Message:
10 Avvo avvo badge
If you need help recovering your losses contact us today. View our complete list of brokerage firms and banks we've sued.

James Charles Allen Barred for Failure to Cooperate with Investigation into Material Misrepresentations and Omissions Regarding Oil and Gas Offerings

FINRA has barred the former President of The Patriot Group Securities James Charles Allen after investigators determined Allen negligently allowed misleading investment documents to be distributed Because Allen himself did not appear and testify during the investigation per FINRA's requests, the decision of banishment was made by default.

FINRA Case #2011025622602

According to FINRA, while President of Patriot Group, Allen authorized the sale and distribution of private placement memorandums (PPMs) for four oil and gas offerings: Escondido 2008-C, Escondido 2009-A, Escondido 2009-B and Escondido 2010-A.

The PPMs stated that Escondido employed a new "revolutionary and proprietary" drilling technique that could foreseeably increase well production up to 10-fold, compared to previous production.

FINRA believes that by January 2010, Allen became aware of production problems in the 2008-C wells related to the new technique.

FINRA examined the Escondido PPMs and determined that despite this knowledge, Allen did not ensure PPMs sent to investors were free from containing misrepresentations or omission of material facts.

Allen's actions were furthermore deemed "negligent" by FINRA and Allen's subsequent failure to appear and testify in connection to this investigation as requested by FINRA necessitated the imposition of a bar from association with any FINRA member firm.

FINRA requires registered supervisors or those in a position to make ensure firm publications intended for public distribution and use, such as PPMs, are accurate and do not misrepresent or omit material facts.

If you have invested with The Patriot Group Securities regarding the Escondido wells or with any other broker or firm whose investment publications have been inaccurate or otherwise in violation of industry rules, and such deception has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

accolades
The Law Offices of Jonathan W. Evans & Associates - California Securities Fraud Attorney
Located at 12711 Ventura Boulevard, Suite #440 Studio City, CA 91604. View Map
Phone: (800) 699-1881 | Local Phone: (818) 760-9880.
Website: