Attorney for Individual Provident Royalties Lawsuits
Ponzi schemes like the Provident Royalties and Shale Oil Royalties "alternative investment" programs provided brokers with ultra-high commissions, allowing them to continue operating and collecting a steady stream of money from new investor victims.
If you invested in Provident Royalties / Shale Royalties, your brokerage firm may be to blame for your investment loss. As alleged in our filings, basic due diligence by the large firms may have prevented thousands of investors from devastating losses.
Contact The Law Firm of David R. Chase, P.A., to speak with a securities attorney in a free initial consultation. Call our Fort Lauderdale, Florida, law offices at 866-457-2847.
On July 7, 2009, the Securities and Exchange Commission (SEC) filed a complaint against Provident Royalties, LLC, and others alleging a $485 million Ponzi scheme. The SEC suit claims that Provident falsely promised investors yearly returns up to 18 percent and misrepresented how 85 percent of the funds raised through the various offerings would be used.
Individual Claims Vs. Provident Royalties Class Actions
Although class actions have been filed against certain brokers that sold the Provident / Shale Royalties alternative investment, those who suffered substantial losses may be in a better position to recover their investments through an individual arbitration claim with the Financial Industry Regulatory Authority (FINRA). Unlike a class action, a FINRA arbitration claim allows you to:
- Choose your own counsel (only the lead plaintiff has this right in a class action)
- Have your unique facts presented to an arbitration panel
- Control the decision whether to settle your case and for how much
- Generally secure a result within approximately twelve months, as opposed to potentially years with a class action
Don't get lost in a large class action or mass group claim. For individual attention from a dedicated securities lawyer, contact The Law Firm of David R. Chase, P.A., at 866-457-2847.