Private Placements Cause Another Indie To Fail
Boogie Investment Group Incorporated out of Melbourne, Florida has bitten the dust according to Investment News. According to the article, Boogie Investment was a one man operation of Mr. Deighan and Deighan Financial Advisors Incorporated, which generated all of the commissions. This is yet another small independent broker-dealer that has been added to the list of 20 firms that have been shuttered as a result of their selling failed oil and gas private placements for Provident Royalties LLC. According to the article, there were some 52 firms involved in selling the private placements. That would mean that roughly 40% of the firms involved with peddling the products have been shuttered because of the litany of claims, legal fees, settlements and other costs stemming from the investments that went bust. The U.S. Securities and Exchange Commission (SEC) filed fraud charges against Provident in 2009, with regard to the sale of some $485 million worth of the notes to over 7,700 investors during the time period of 2006 through 2009. The losses caused by Provident Royalties and another private placement offering by Medical Capital Holdings Incorporated are unprecedented.
A list of the firms shuttered due to the sale of Provident Royalties offerings includes, Asset Management Strategies LLC, Barron Moore Incorporated, Empire Financial Group Incorporated, E-Planning Securities Incorporated, Community Banker Securities LLC, Main Street Securities LLC, GunnAllen Financial Incorporated, Jessup & Lamont Securities Corporation, Private Asset Group Incorporated, Okoboji Financial Services Incorporated, United Equity Securities LLC, QA3 Financial Corporation, Matheson Securities LLC, Harrison Douglas Incorporated, Securities Network LLC, CapWest Securities Incorporated, Investlinc Securities LLC/Meadowbrook Securities LLC, WFP Securities Corporation, Boogie Investment Group Incorporated and Workman Securities Corporation.