Provident and Share Royalties Investment Losses
In July 2009, the SEC filed a complaint against Provident Royalties LLC and others alleging a $485 million Ponzi scheme. The suit claims that Provident falsely promised their investors yearly returns of up to 18% and that they misrepresented how up to 85% of the funds raised through these offerings would be used. Many of Provident Royalties investments, which include Share Royalties, Provident Energy and Provident Resources, were sold by FINRA registered brokers, such as Workman Securities, Gunn Allen, Securities America, Capwest Securities, and others. These firms have a duty of due diligence to their clients before they can recommend and sell these securities. Further, many of the Provident Royalties entities did not have audited financial statements. Provident Royalties has since filed for bankruptcy protection, which has caused many of its investors to lose millions.
If you were sold Provident Royalties investments by a broker, you may be entitled to recover some of your losses. Please contact SanDiego@Thieler-Boeh-Seitz.com
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