The Wolper Law Firm, P.A., and Doss Firm, LLC, Announces The Expansion Of Their Investigation Into Resolute/PetroRock Investments
August 23, 2023 at 22:00
The Wolper Law Firm, P.A. and Doss Firm, LLC are expanding their investigation of certain unregistered equity and debt securities issued by Resolute Capital Partners, LLC, Homebound Resources, LLC and PetroRock Mineral Holdings, LLC. (collectively, the equity and debt securities are referred to as the “Resolute/Petrorock Investments”) to include SEC registered Investment Advisor, Financial Gravity, and its former Investment Adviser Representative, Devin Patel, along with Charles “Chuck” Oliver, who owned Hidden Wealth Solutions. The lawsuit alleges that Financial Gravity, Patel and Oliver served as direct or de facto sales agents for the Resolute/Petrorock Investments.
Retail investors, who invested in the Resolute/Petrorock Investments, will likely experience a complete loss of their investment.
Resolute Capital Partners, LLC, Homebound Resources, LLC and PetroRock Mineral Holdings, LLC issued unregistered equity and debt securities to ordinary retail investors, many of whom were at the age of retirement. The Resolute/Petrorock investments were represented to be safe, income producing investments with unique tax benefits. Among the Resolute/Petrorock investments that were offered to retail investors include Strategic Energy Assets III, IV, V, VI, VII & VIII, Choice Energy Fund I, II & III, Advantage Capital Holdings I, Legacy energy I & II, and PetroRock Mineral Holdings Lenders Fund I, II, III & IV.
In September 2021, the Securities and Exchange Commission (‘SEC”) initiated an enforcement action against the issuers of the Resolute/Petrorock investments for violation of the Securities Act of 1933, Securities Exchange Act of 1934 and Investment Advisers Act of 1940. According to the SEC’s enforcement action, between 2016 and 2019, the Resolute/Petrorock entities and salespeople acting on their behalf, sold more than $250 million of debt and equity securities in unregistered offerings. The SEC asserted that the issuers engaged in securities fraud and failed to properly register the Resolute/Petrorock investments. In addition, the SEC alleged that issuers of Resolute/Petrorock insufficiently supported projections of oil production, cash reserves and made incomplete disclosures regarding potential uses of investor funds, including the amount of funds that would be used for payments to prior debt and equity investors. The issuers also made material misrepresentations in offering materials, “one-pagers” used for marketing the Resolute/Petrorock investments and in marketing materials. These representations were, in turn, parroted by investment professionals like Financial Gravity, Oliver and Patel.
Financial Gravity, Devin Patel and Charles “Chuck” Oliver were among the financial services professionals that acted as direct or de facto sales agents for the Resolute/Petrorock Investments. The lawsuit alleges that Financial Gravity, Patel and Oliver failed to disclose material facts, made unsuitable investment recommendations in violation of their fiduciary duties and failed to conduct any due diligence on the Resolute/Petrorock Investments prior to making recommendations.
If invested in Resolute/Petrorock Investments and have incurred investment losses, it is crucial to understand the available options to potentially recover those losses. Recovering investment losses can involve navigating complex legal processes. Seeking guidance from experienced attorneys specializing in securities litigation can help an investor understand rights and explore potential recovery options tailored to the situation. The Wolper Law Firm and Doss Firm offer confidential consultations, providing an opportunity to discuss the case and gain personalized advice.
The Wolper Law Firm and Doss Firm exclusively represent investors nationwide in securities litigation and arbitration on a contingency fee basis.
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