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FINRA Sues Sandlapper Securities, LLC for Fraudulent Markups

Investor Alerts
November 11, 2017

The Financial Industry Regulatory Authority (FINRA) has sued Sandlapper Securities, LLC and its principals, Trevor Lee Gordon and Jack Charles Bixler, for defrauding investors by charging them excessive, undisclosed markups on investments in saltwater disposal wells.

According to FINRA’s Complaint, Gordon and Bixler formed a fund to invest in saltwater disposal wells. They sold interests in the fund through Sandlapper Securities, LLC and made all of the investment decisions for the fund, including setting the purchase price for the investments purchased by the fund.

Gordon and Bixler sold interests in saltwater disposal wells at exorbitant markups of 67% to 376%, says FINRA.

Gordon and Bixler then formed a development company and purportedly told investors that the purpose of this newly formed company was to invest in saltwater disposal wells, but would not create a conflict of interest for the business they conducted through Sandlapper Securities, LLC. Gordon and Bixler, however, used the development company to purchase interests in saltwater disposal wells at optimal prices and then sold these interests to the fund at exorbitant markups ranging from 67% to 376%. In total, these fraudulent markups cost investors over $8 million.

If you suffered significant financial losses from investing into this fraudulent scheme or believe you have invested into a similar investment scheme, the attorneys of the Business Trial Group may be able to help. Backed by the resources of the largest contingency-fee law firm in the country, the Business Trial Group’s experienced securities litigation attorneys represent investors nationwide.

For a no cost and no obligation case review, please call us at (877) 599 3102 or fill out our case review form.

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