Mark A. Plummer agrees to pay $500k to settle SEC charges for misusing Texas E&P investor funds
Furgison Law Group is taking cases related to Texas E&P Partners oil and gas investments.
The securities fraud lawyers at Furgison Law Group are currently investigating claims against various investment advisor firms and broker-dealer that sold various oil and gas investments in Texas E&P Partners, Inc., and its affiliated entities. The arbitration attorneys at Furgison Law Group are investigating claims of fraud, misappropriation, breach of fiduciary duty, failure to supervise, misrepresentations, omissions of material facts, conflict of interests, violations of state and federal securities laws, along with other broker misconduct. The claims relate to the alleged misuse of investor funds by Mark A. Plummer and Texas E&P of Richardson, Texas, as described in the recent SEC Complaint.
SEC Filed Charges and Mark Plummer Agrees to Pay Over $500k
According to the SEC’s Complaint, Plummer founded and controlled Texas E&P and its affiliated entities. From February 2015 to April 2017, the company raised $6.1 million from retail investors by offering and selling interests in joint ventures formed to drill and operate two separate oil well projects.
The SEC claims that, contrary to representations made to investors, Plummer improperly spent nearly $400,000 of these investor funds for personal or improper business expenses, including entertainment, travel, retail expenses, and income taxes.
Plummer has agreed to settle the SEC’s charges by consenting to the entry of a final judgment that permanently enjoins him from violating the antifraud provisions of federal securities laws. Plummer has also agreed to pay more than $500,000 to settle these charges. He was ordered to pay $399,011 in disgorgement, $33,008 in prejudgment interest, and a $75,000 civil penalty.
Texas E&P formerly operated under the name Chestnut Exploration Partners, Inc. (“Chestnut Exploration”).
Investors Have the Right to Recover Their Losses
When investments are sold by brokerage firms licensed by FINRA, they are subject to the laws that FINRA enforces. The brokerage firms are responsible for ensuring that their brokers are trading fairly, ethically and in the best interest of their clients. Ideally, they would accomplish this through careful supervision. Unfortunately, too often this supervision has been inadequate to fully protect investors. If you purchased any investments through a representative of a registered brokerage firm or an unlicensed salesperson and suffered losses through negligence or fraud, it immediately puts the brokerage firm at fault for failing to supervise their broker. Securities law then dictates that you can hold the firm legally liable to recover your damages.
Can I recover my investment losses?
If you lost money as a result of any Texas E&P investments purchased through a financial advisor or any other brokerage firms, please contact us immediately. Our investment fraud lawyers have recovered millions of dollars from the largest banks, insurance companies and brokerage firms in the world on behalf of investment fraud victims. You may have certain legal rights that require your immediate attention. Time is of the essence in these claims. The sooner you act, the greater your chances of recovering your investment losses. Don't wait. Contact us TODAY for a FREE Consultation and case evaluation. We will tell you if you have a viable claim worth pursuing.