The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Mark Plummer. According to his publicly available FINRA BrokerCheck report, Mark Plummer has been the subject of multiple customer disputes.

Mark Plummer was a Texas-based securities broker. He worked in the securities industry for eleven years. He spent his entire career registered with just Chestnut Exploration Partners. This broker-dealer was expelled by FINRA in January 2017; however, suits can still be filed against what is known as the clearing firm. Clearing firms act as sort of a middleman between investors and broker-dealers, and can be held liable for damages to investors.

The Allegations

  • In April 2010, a customer alleged that Mark Plummer recommended unregistered securities. This case was settled for $220,000 in damages.
  • In November 2011, a customer alleged that Mark Plummer made material misrepresentations. This case was settled for $210,000 in damages.
  • In May 2014, a customer alleged that Mark Plummer committed fraud and engaged in deceptive practices. This case is currently pending. The customer is seeking $162,800 in damages.
  • In March 2016, a customer alleged that Mark Plummer made omissions of facts, breached contract, failed to pay dividends, handled their account negligently, failed to execute, committed intentional fraud, engaged in deceitful behavior, and made material misrepresentations. This case went to arbitration where the customer was awarded an undisclosed amount in damages.
  • In April 2016, a customer alleged that Mark Plummer violated the California Corporations Code and California Unfair Competition Law in the offer and sale of oil and gas joint venture and a limited partnership. This case is currently pending. The customer is seeking $277,219 in damages.
  • In July 2016, a customer alleged that Mark Plummer breached his fiduciary duty, made material misrepresentations and omissions of facts, breached contract, failed to pay dividends, handled their account negligently, and failed to execute. This case went to arbitration where the customer was awarded an undisclosed amount in damages.
  • In November 2017, a customer alleged that Mark Plummer breached his fiduciary duty, handled their account with gross negligence, made misrepresentations and omissions of material facts, made unsuitable investment recommendations, breached FINRA rules, and breached contract. This case went to arbitration where the customer was awarded an undisclosed amount in damages.
  • In January 2018, he was indefinitely suspended by FINRA from acting as a securities broker in any fashion after failing to financially comply with the above-mentioned awards.
  • In June 2019, Mark Plummer was officially sanctioned by the United States Securities and Exchange Commission. The findings in this matter state that Plummer misappropriated investor funds by soliciting customers to invest in Texas E&P Partners, Inc. This was a private oil and gas company that he created. Mark Plummer raised $6.1 million while claiming he would use the invested funds to operate two separate oil well projects. However, Plummer allegedly converted almost $400,000 of the solicited funds for his own personal use that included entertainment, travel, and retail expenses. Due to these alleged actions, Mark Plummer was forced to repay the $400,000 in disgorgement, $33,008 in pre-judgement interest, and a $75,000 civil penalty.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Mark Plummer, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.