Our attorneys are investigating former Maryland-based RBC Capital Markets, LLC (CRD# 31194) broker John S. Simpson (CRD# 719367) after multiple complaints alleging securities violations concerning the energy, oil and gas sector were settled.
According to Simpson’s FINRA BrokerCheck report, FINRA barred Simpson in December 2016 after he failed to respond to a FINRA inquiry. The inquiry and bar follow a string of settlements and a discharge from RBC Capital Markets.
RBC Capital Markets discharged Simpson in January 2016 after Simpson allegedly made discretionary transactions in client accounts. Following RBC Capital Markets’ discharge, five (5) FINRA arbitration complaints were settled against Simpson. Most of the settlements alleged unauthorized trading.
Of the five (5) settlements, two (2) alleged securities violations concerning the oil and gas sector. One alleged that Simpson ignored the client’s requests to reduce her exposure in the oil and gas sector. The other alleged that Simpson overconcentrated the account in the oil sector, and the portfolio suffered investment losses.
Most recently, a customer filed a complaint against Simpson alleging overconcentration in the energy and metal sectors as well as unsuitability. The complaint alleges $11 million in damages.
RBC Capital Markets was a major underwriter in multiple oil and gas investments. The list includes but is not limited to Sandridge Energy, BreitBurn Energy, Seadrill, Swift Energy, Memorial Production Partners, Martin Midstream Partners, Linn Energy and Linn Co. Many of these investments have or are planning to file for bankruptcy, leaving numerous investors with significant losses.
RBC Capital Markets employed Simpson in its Hunt Valley, Maryland branch from March 2009 up until his discharge in January 2016.
Many of these oil and gas investments were touted by Wall Street as safe, secure investments for income. Unfortunately, these investments rely on the price of oil, which is extremely volatile. Many brokers and brokerage firms failed to disclose the inherent risks of these oil and gas investments and recommended them anyway, leaving many unknowing investors with huge losses.
Contact Our Attorneys if You’ve Lost Money
If you have lost money investing in any of these oil and gas companies at the recommendation of John S. Simpson and/or RBC Capital Markets, contact us. Our lawyers have litigated hundreds of cases through FINRA arbitration and won millions of dollars on behalf of aggrieved investors. Our lawyers represent investors nationwide in securities cases and FINRA arbitration to recover investment losses. There is no fee unless we recover money for you.
For more information about the law firms, the lawyers, and our oil and gas investment practice area, please visit our website at www.oilgasfinraarbitration.com. Contact Scott L. Silver at (800) 975-4345 for a free, confidential consultation.