Corporate & Securities Law

Eccleston Law has launched an investigation into Stephen Walker (?Walker?), a registered representative of LPL Financial Corporation (?LPL?), for his unauthorized sales of oil and gas drilling projects for Aspen Exploration, Inc. (?Aspen Exploration?). 

Between October 2005 and December 2006, Walker offered and sold securities in Aspen Exploration, an entity suspected of participating in a fraudulent securities offering since November, 2005.  Investors purchased interests in Aspen Exploration through a series of private placements under Regulation D.  A number of investors moved significant assets out of their retirement accounts to invest in Aspen.    

Walker failed to disclose that Aspen Exploration was facing lawsuits from creditors and investors when he sold the private placement securities to investors.  Walker also failed to disclose those sales to LPL. LPL had not previously approved that selling away pursuant to its supervisory obligations.

This serves as a cautionary tale for investors who seek to invest in oil and gas drilling deals, private placements, or with brokers whom they suspect are selling away from their firm.

Investors who lost money with Stephen Walker, in Aspen Exploration or in other oil and gas private placement securities offerings, may be able to recover their losses through arbitration.  Contact Jim Eccleston at the Eccleston Law Offices at 312-332-0000 to discuss your case.