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Provident Royalties Class Action Lawsuit

On July 25, 2011, a Federal District Court in Dallas, Texas granted final approval of an $80 million class action settlement on behalf of Securities America customers who purchased private placement investments in Medical Capital Notes and Provident Royalties, both of which were revealed to be Ponzi schemes. Investors will recover an average of over $30,000 per person through the settlement.

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Provident Royalties Ponzi Scheme Lawsuit - Case Background

In July 2009, the SEC formally charged Provident Royalties and its founders with securities fraud in connection with an alleged $485 million Ponzi scheme to defraud natural gas and oil investors. The complaint charges that Provident made a series of fraudulent offerings of preferred stock and limited partnership interests and sold them to approximately 7,700 investors. It is alleged that Provident promised investors annual returns of up to 18 percent from investments in oil and gas real estate, leases, and mineral rights, but failed to disclose that a significant portion of investors’ funds were being used to pay previous investors.

 

Girard Gibbs filed one of the first class action lawsuits on behalf of investors who purchased interests in Provident Royalties. The class action lawsuit alleged violations of federal securities laws against that the broker-dealers who sold the offerings.

Questions about the Provident Royalties Class Action Lawsuit?

To speak with our securities fraud attorneys call (866) 981-4800 or fill out the form to the right to receive email updates about the progress of the case.

Securities Fraud Attorneys
  • Daniel
    Girard
    Daniel Girard is the founding partner of Girard Gibbs and has dedicated his career to enforcing the rights of... MORE >
  • Amanda
    Steiner
    Amanda Steiner is a partner with Girard Gibbs specializing in complex securities litigation. She has... MORE >
  • Dena
    Sharp
    Dena Sharp is a partner in Girard Gibbs' Securities Law Practice Group. MORE >
  • Jesse
    Gossett
    Jesse D. Gossett is a 2014 graduate, cum laude, of the University of San Francisco School of Law. Upon... MORE >
  • Ashley
    Tveit
    Ashley Tveit is an associate with the firm specializing in protecting the rights of investors through... MORE >