South Florida Arbitration & Litigation Lawyer Blog
FINRA Oil and Gas Limited Partnership Suitability and Fraud Arbitration Attorney, Russell L. Forkey, Esq.
August, 2011:
Priscilla G. Sabado (CRD #4650234, Registered Representative, Irvine, California) submitted a Letter of Acceptance, Waiver and Consent in which she was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Sabado consented to the described sanction and to the entry of findings that she offered and sold entities’ oil and gas investments to several of her clients without her member firm’s knowledge or consent. The findings stated that the SEC filed a partially settled civil injunctive action alleging that the entities and an individual had fraudulently sold investments in Texas oil and gas projects, raising approximately $22 million from investors nationwide. The findings also stated that as a result of Sabado’s recommendations, some of her current firm clients made investments with the entities totaling $491,880. The findings also included that Sabado failed to provide her firm with prior notice of her participation in these securities transactions. (FINRA Case #2010022394901).