FINRA Fines Lone Star Securities
Did you lose money investing with Lone Star Securities, Inc.? If so, The White Law Group may be able to help you recover your losses.
Lone Star Securities, Inc. (CRD #20452, Addison, Texas) recently submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $35,000.
Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that it failed to provide the required financial statements for oil and gas private placement offerings to non-accredited investors who invested in the offerings, and negligently failed to disclose material information to customers who invested in some of the oil and gas private placement offerings.
The findings further stated that the firm failed to disclose certain state regulatory orders against the sole owner of some of the offerings, a portion of the expenses of one firm were paid by the issuer of an offering, and an arbitration award of $526,186 against the controlling shareholder of the general partner of another offering.
Finally, the findings stated that the firm conducted a securities business while failing to maintain its required minimum net capital, which resulted in inaccurate books and records and a net capital deficiency.
This information which is publicly available on FINRA’s website has been provided by The White Law Group, LLC.
If you have questions about investments you made with Lone Star Securities, Inc., the securities attorneys of The White Law Group may be able to help. To speak with a securities attorney, please call the firm’s Chicago office at 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, please visit our website at https://www.whitesecuritieslaw.com.