Regal Energy – Brian Keith Hardwick Alleged Oil and Gas Fraud

California stockbroker fraud attorneyBrian Keith Hardwick Allegedly Brought in $10.7 Million in Fees from a Speculative Investment in Texas Oil and Gas Wells; Investors Also Allegedly Lost $24.6 million of the $25 million Sunk into the Project

Brian Keith Hardwick, 43, CEO of River Securities, LLC and of Plano, Texas, allegedly took in $10.7 million in fees from customers who had invested funds in purportedly speculative oil and gas projects, according to FINRA Documents currently under review by attorneys Alan Rosca and James Booker.

Several Peiffer Rosca Wolf securities practice lawyers are investigating investment recovery options on behalf of investors in Hardwick’s alleged oil and gas scheme.

Investors who believe they may have lost money over Hardwick’s alleged oil and gas scheme are encouraged to contact attorneys Alan Rosca or James Booker with any useful information or for a free, no obligation discussion about their options.

Of the reported $25 million which was invested in five oil and gas ventures, a lofty $24.6 million was lost, according to the aforementioned FINRA Documents.

FINRA formed a hearing panel which allegedly found that the respondents took part in a “pattern of misrepresentations and omissions” which were carried out over nearly four years and involved sales in the high-risk joint ventures, FINRA Documents state.

For example, Documents shown to investors made projections of returns on investment of as much as 72 percent, according to a Washington state securities cease-and-desist order from 2015.

Several of Hardwick’s affiliated companies have also received cease-and-desist orders from securities regulators in Colorado, New Mexico and the state of Washington, FINRA reports.

In said cases, they were accusations of selling unlicensed securities and Red River was fined $5,000 by FINRA for failing to disclose the Colorado action to investors.

While Hardwick was the primary owner of Red River, he also owned Regal Energy and Regal Operating as well. The Regal companies allegedly took part in the leasing and drilling of wells, while Red River solicited investments in those projects, according to FINRA

The aforementioned hearing panel demonstrated a “myriad conflicts”, many of which were hidden, and also told of the alleged “drain money” from the project which should have been disclosed to investors, FINRA notes.

FINRA’s hearing panel reports that general conflict-of-interest disclosures were allegedly provided to investors but that these investments called for more detailed disclosures, FINRA notes.

Said oil and gas offerings were already purportedly high-risk ventures but also allegedly misrepresented the amount of income distributed to investors in other Regal Entity joint ventures, and failed to disclose material conflicts of interest, FINRA notes.

What is more, Red River also allegedly failed to give notice to investors that one project was a so-called wildcat well, which is an exploratory well in an unproven area, FINRA notes. Wildcats are usually much riskier investments and in this case the well was plugged also as soon as it was completed, according to the FINRA complaint.

The Peiffer Rosca Wolf securities lawyers are currently investigating Brian Keith Hardwick’s alleged oil and gas fraud.

Brian Keith Hardwick Allegedly Hid Important Information, Did Not Give Attention to Conflicts of Interest, Downplayed Risk, Implemented heavy-handed Sales Tactics and Generally Misled Investors

Hardwick allegedly hid important investor information, glossed over purported conflicts of interest, did not pay adequate heed to potential risk, used heavy-handed sales tactics and generally misled investors, according to FINRA Documents presently being examined by attorneys Alan Rosca and James Booker.

FINRA’s hearing panel eventually concluded that Hardwick intended to “deceive, manipulate or defraud” and that that Hardwick and his company must stop selling securities and repay the aforementioned millions, FINRA notes.

In addition, the FINRA panel also found that Hardwick allegedly mishandled the geologist reports which gave very important information to investors, FINRA states.

Investigators also drew conclusions that Hardwick prepared the reports and then had a professional sign off on them with minimal changes for a $500 fee, FINRA notes.

Hardwick also made “significant changes” to input from the geologist, according to FINRA.

Finally, the hearing panel also ruled that the joint venture purchase was not suitable for two customers, FINRA notes.

Securities Lawyers Investigating

The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of alleged investment fraud and are currently investigating Brian Keith Hardwick’s alleged oil and gas fraud. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of Brian Keith Hardwick’s alleged oil and gas fraud may contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or James Booker, for a free no-obligation evaluation of their recovery options, at 888-998-0520 or via e-mail at arosca@prwlegal.com or jbooker@prwlegal.com.

Alan Rosca (1159 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.