WARNING! PTX SECURITIES INVESTIGATION
Investigation of PTX Securities
FINRA recently brought a regulatory action against a Plano, Texas-based brokerage firm named PTX Securities (“PTX”). FINRA alleged that it failed to conduct adequate due diligence on oil and gas investments between October 2013 and January 2014. PTX was previously known as Balanced Financial Securities.
FINRA alleged that PTX derived a majority of its revenue as a wholesaler broker-dealer for four oil and gas investments from one issuer. FINRA alleged that it failed to perform adequate due diligence on the investments, including how a potential impact of an adverse money judgment against the issuer would affect the investment. To settle these allegations, PTX was censured and agreed to pay a $20,000 fine.
Our attorneys have represented over one thousand investors who have been defrauded by financial advisors and brokerage firms. While we have offices in Denver and the Seattle area, we have also previously represented clients throughout the country, including in Texas.
Click to view: PTX FINRA AWC
Click to view: PTX BrokerCheck 4.24.16
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