Range Global Sanctioned by Securities Regulators for Allegedly Failing to Supervise its Representatives’ Sales of Interests in Energy Global Partners
Range Global LLC, formerly known as Navpoint, LLC, was sanctioned by the Financial Industry Regulatory Authority (“FINRA”) relating to allegations that it failed to supervise the outside securities activity of two of its registered representatives.
Range Global Allowed Its Representatives to Raise Funds for Energy Global Partners
Range Global was notified by two of its registered representatives that they intended to solicit investors outside the scope of their employment with the firm to raise fund for an energy-related venture in Singapore, according to FINRA. The funds were to be raised through newly-formed entity called Energy Global Partners LLC, according to FINRA.
Range Global Failed to Adequately Supervise Representatives Raising Funds for Energy Global Partners
Range Global’s two registered representatives participated in private securities transactions by soliciting investors for a private offering of membership interests in Energy Global Partners, according to FINRA. However, Range Global failed to adequately supervise their conduct with respect to the private securities transactions and failed to record the private securities transactions on its books and records, according to FINRA.
Range Global consented to being censured and a $20,000 fine without denying or admitting FINRA’s findings.
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