A Finra arbitrator has ordered Texas E&P Partners and its principal, Mark Plummer, to pay a former customer $1 million in punitive damages and $521,000 in compensatory damages.
The customer, Eli Garza, claimed the firm and Mr. Plummer breached their fiduciary duty. Specific charges from claimant included gross negligence, material misrepresentations and omissions of fact in connection with Mr. Garza's investments in oil and gas private placements.
The Financial Industry Regulatory Authority Inc. expelled Texas E&P Partners in January 2017. Finra also suspended Mr. Plummer in January. His suspension is indefinite and continues until he pays settlement amounts awarded in other arbitrations.
In five earlier arbitrations going back to 2010, Mr. Plummer agreed to pay approximately $1.6 million in total settlements.