Broker Attorneys

Did Your Arete Financial Advisor Sell You Shares in the Zona Energy Oil and Gas Scam? Our Broker Attorneys Are Here To Help You Explore Your Legal Options

Shepherd Smith Edwards and Kantas Broker Attorneys (investorlawyers.com) is investigating allegations that Arete Wealth Management, Arete Wealth Advisors, and ex-Arete registered representatives Jeffrey Scott Larson, Randall (Randy) Scott Larson, and Joey Dale Miller committed broker fraud when soliciting dozens of clients to buy over $8M in shares of Zona Energy, Inc.

Arete reportedly never approved Zona securities for offer or sale. The US Securities and Exchange Commission (SEC) is suing the Arete entities, their three former brokers, and Arete CCO UnBo “Bob” Chung over their purported involvement in the Zona Energy oil and gas investment scam.

The SEC claims that the former Arete financial advisors received discounted Zona shares in exchange for selling away the Zona shares. Selling away is what happens when a financial advisor buys or sells securities that their brokerage firm never approved. Even if the broker-dealer was not aware of these actions, they still could be held liable by investors who ended up losing money.

Our knowledgeable selling away attorneys can help you determine what your next steps might be.

The Commission contends that Zona Energy is a “sham” company. The regulator is accusing Arete’s then financial advisors of deliberately concealed their investment fraud, and, also, persuading over 100 Arete clients to sign settlement agreements that included misleading statements and an illegal liability disclaimer. If the allegations are true, then the ex-Arete financial advisors made unsuitable investment recommendations, as well as misrepresentations and omissions.

Arete fired all three brokers who are accused of enabling the Zona investment scam. However, they are still working with investors through other firms. Jeff Larson is now a 25 Financial investment adviser. Randy Larson is a Great Point Capital broker and, also, a 25 Financial investment adviser. Joe Miller is a DAI Securities broker and a DAI Wealth investment adviser.

 Zona Energy Executives Allegedly Defrauded Oil and Gas Investors 

Zona Energy is an oil and natural gas company in Dallas, Texas. Its executives have since been accused of defrauding investors when they allegedly raised over $16M from more than 300 investors through Zona Energy’s common stock and falsely claimed the money would go toward developing mineral rights on a cattle ranch. Instead, a lot of the funds was allegedly misappropriated for personal use. In January 2023, Zona Energy’s CEO pleaded guilty to securities fraud.

Why Consult With Our Trusted Stockbroker Fraud Attorneys About Your Zona Energy Losses?

Shepherd Smith Edwards and Kantas Broker Attorneys represent investors who have been the victim of different kinds of broker fraud and investment scams, including oil and gas schemes. If your Arete financial advisor sold you Zona Energy shares and you suspect you were defrauded, you may be able to file your own investment loss recovery claim against Arete—or any other brokerage firm that  sold Zona energy shares to you.

This is not the type of legal case that you want to pursue without a seasoned securities law firm that is well-versed in oil and gas scams and knows how to pursue damages from brokerage firms and investment advisers. To schedule your free case consultation, call (800) 259-9010 today or contact us online so that we can determine whether you have grounds for a claim for damages. Allow us to explore your legal options with you.