Texas

The Securities Fraud Lawyers at Greco & Greco, P.C. represent Texas residents in disputes with their financial advisors and securities salespersons, involving claims of suitability, violations of FINRA Rules, negligence, fraud, misrepresentation, ponzi schemes, breach of fiduciary duty, professional malpractice, and other claims. Please contact Scott Greco for a free attorney consultation about your case. We serve clients from all areas of Texas including Houston, San Antonio, Dallas, Austin, Fort Worth, El Paso, Arlington, Corpus Christi, Plano, Laredo, Lubbock, Garland, Irving, Frisco, Amarillo, and McKinney.

If an individual investor has a dispute with a FINRA brokerage firm or stock broker, he/she most likely will have to arbitrate through FINRA's Dispute Resolution system. FINRA Arbitration holds arbitration hearings in two Texas locations: Houston and Dallas.

The Texas State Securities Board, in Austin, Texas, regulates the sales of securities in the state of Texas. Its website provides information on state securities Statutes and Rules, and information on how to file a complaint.

Texas's Securities Act is similar to many states' Acts with regard to providing for civil liability for the commission of securities fraud in the sale of securities (including untrue statements of material fact or omissions of material fact). The statute provides for rescission (or damages if the investor no longer owns the security), reasonable attorney's fees, and interest.

Common Legal Claims by investors against their financial advisors in Texas are:

1. Suitability. Prior to recommending the purchase of specific investments or a specific investment strategy to a customer, a stock broker is required to determine that the investments are suitable to that particular investor. A suitability determination is based upon many different factors such as age, investment objectives, risk tolerance, employment situation, needs, income, assets, and investment experience. If an advisor’s recommendations of unsuitable investments result in the investor incurring significant losses, that investor may have a suitability claim against the broker and his/her firm.
2. Churning. Churning occurs when a broker exercises control over an account and allows the broker's interest in making commissions to override the investor's interests in the account. When a broker makes a buy or sell recommendation for an account, that broker should have the investor's best interests based on their investment objectives in mind. If the broker makes excessive buy and sell recommendations for the purposes of generating commissions for the broker by each buy and sell, that broker is engaged in churning the account. Excessive turnover in the assets of the account and/or a high cost to equity percentage are often a sign of churning.
3. Unauthorized Trading. Generally, an investor can have two kinds of an account, non-discretionary and discretionary. In a typical non-discretionary account, the broker must consult with and obtain the consent of the customer prior to making a trade in the account. Unauthorized trading occurs when a broker makes trades in a non-discretionary account without the consent of the customer.
4. Securities Fraud. Most of the claims in this list are subsets of securities fraud which is employing a device, scheme, or artifice to defraud, or obtaining money by means of untrue statements of material facts and failure to state material facts in violation of state blue sky / securities laws or federal law (Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5). If a broker makes false statements to an investor or fails to advise the investor of certain important facts, the investor may be able to recover losses incurred resulting from this fraud.
5. Margin Disputes. Margin trading involves borrowing money from the brokerage firm to purchase securities greater in value than the equity in an investor's account. Due to the risky nature of trading on the margin, disputes with brokers often arise as a result of significant losses. If a broker trades on the margin without the knowledge or consent of the investor, the investor may be able to recover the losses resulting from the fraud.
6. Ponzi Scheme Investment Scams. Ponzi schemes generally involve promises of high returns by salespersons over short periods of time, but in reality result in stealing from Peter to pay Paul. Because returns to investors in ponzi schemes are often paid out of new investment monies from new investors, the scheme will ultimately fall apart when the new investors dry up, leaving all investors often holding a worthless investment. Financial Advisors and their brokerage firms who sell ponzi scheme fraudulent investments may be found liable for selling unsuitable investments, securities fraud, sale of unregistered securities, failure to supervise, and other legal violations.
7. Failure to Supervise Broker. FINRA firms have a duty to supervise their registered brokers, and their failure to do so may form the basis of various legal claims against them. FINRA Rule 3110 states: Each member shall establish and maintain a system to supervise the activities of each registered representative, registered principal, and other associated person that is reasonably designed to achieve compliance with applicable securities laws and regulations, and with applicable FINRA Rules. Final responsibility for proper supervision shall rest with the member.

Examples of legal grounds for liability of Broker-Dealers in these situations include:

• Under tort and agency law, principals can be found liable for the acts of their agents even if they are entirely innocent and have received no benefit from the transaction;
• A broker's Broker-Dealer can also be found liable as a control person of that broker under state and federal securities laws; and
• Claims can be pursued in arbitration based on violations of FINRA rules including Rules related to supervision, suitability, and outside business activities.

Obviously, this list is by no means comprehensive and all of the legal requirements of the above claims stated are not completely set out. This web site is not intended to give legal advice or create an attorney-client relationship. Please contact our securities lawyers for a free consultation if you believe your financial advisor broker may be liable under one of the above claims, or for other wrongful conduct.

The Civil Liability section of the Texas Securities Act is as follows:

Sec. 33. Civil Liability with Respect to Issuance or Sale of a Security.

• (1) Registration and Related Violations. A person who offers or sells a security in violation of Section 7, 9 (or a requirement of the Commissioner thereunder), 12, 23C, or an order under 23A or 23-2 of this Act is liable to the person buying the security from him, who may sue either at law or in equity for rescission or for damages if the buyer no longer owns the security.
• (2) Untruth or Omission. A person who offers or sells a security (whether or not the security or transaction is exempt under Section 5 or 6 of this Act) by means of an untrue statement of a material fact or an omission to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading, is liable to the person buying the security from him, who may sue either at law or in equity for rescission, or for damages if the buyer no longer owns the security. However, a person is not liable if he sustains the burden of proof that either (a) the buyer knew of the untruth or omission or (b) he (the offeror or seller) did not know, and in the exercise of reasonable care could not have known, of the untruth or omission. The issuer of the security (other than a government issuer identified in Section 5M) is not entitled to the defense in clause (b) with respect to an untruth or omission (i) in a prospectus required in connection with a registration statement under Section 7A, 7B, or 7C, or (ii) in a writing prepared and delivered by the issuer in the sale of a security.

A person who offers to buy or buys a security (whether or not the security or transaction is exempt under Section 5 or 6 of this Act) by means of an untrue statement of a material fact or an omission to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading, is liable to the person selling the security to him, who may sue either at law or in equity for rescission or for damages if the buyer no longer owns the security. However, a person is not liable if he sustains the burden of proof that either (a) the seller knew of the untruth or omission, or (b) he (the offeror or buyer) did not know, and in the exercise of reasonable care could not have known, of the untruth or omission.

• (1) This Section 33C applies only to an issuer which registers under Section 7A, 7B, or 7C of this Act, or under Section 6 of the U.S. Securities Act of 1933, its outstanding securities for offer and sale by or for the owner of the securities.
• (2) If the prospectus required in connection with the registration contains, as of its effective date, an untrue statement of a material fact or an omission to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading, the issuer is liable to a person buying the registered security, who may sue either at law or in equity for rescission or for damages if the buyer no longer owns the securities. However, an issuer is not liable if it sustains the burden of proof that the buyer knew of the untruth or omission.

For this Section 33:

• (1) On rescission, a buyer shall recover (a) the consideration he paid for the security plus interest thereon at the legal rate from the date of payment by him, less (b) the amount of any income he received on the security, upon tender of the security (or a security of the same class and series).
• (2) On rescission, a seller shall recover the security (or a security of the same class and series) upon tender of (a) the consideration he received for the security plus interest thereon at the legal rate from the date of receipt by him, less (b) the amount of any income the buyer received on the security.
• (3) In damages, a buyer shall recover (a) the consideration the buyer paid for the security plus interest thereon at the legal rate from the date of payment by the buyer, less (b) the greater of:
  • (i) the value of the security at the time the buyer disposed of it plus the amount of any income the buyer received on the security; or
  • (ii) the actual consideration received for the security at the time the buyer disposed of it plus the amount of any income the buyer received on the security.
• (4) In damages, a seller shall recover (a) the value of the security at the time of sale plus the amount of any income the buyer received on the security, less (b) the consideration paid the seller for the security plus interest thereon at the legal rate from the date of payment to the seller.
• (5) For a buyer suing under Section 33C, the consideration he paid shall be deemed the lesser of (a) the price he paid and (b) the price at which the security was offered to the public.
• (6) On rescission or as a part of damages, a buyer or a seller shall also recover costs.
• (7) On rescission or as a part of damages, a buyer or a seller may also recover reasonable attorney's fees if the court finds that the recovery would be equitable in the circumstances.

Any tender specified in Section 33D may be made at any time before entry of judgment.

• (1) A person who directly or indirectly controls a seller, buyer, or issuer of a security is liable under Section 33A, 33B, or 33C jointly and severally with the seller, buyer, or issuer, and to the same extent as if he were the seller, buyer, or issuer, unless the controlling person sustains the burden of proof that he did not know, and in the exercise of reasonable care could not have known, of the existence of the facts by reason of which the liability is alleged to exist.
• (2) A person who directly or indirectly with intent to deceive or defraud or with reckless disregard for the truth or the law materially aids a seller, buyer, or issuer of a security is liable under Section 33A, 33B, or 33C jointly and severally with the seller, buyer, or issuer, and to the same extent as if he were the seller, buyer, or issuer.
• (3) There is contribution as in cases of contract among the several persons so liable.

Every cause of action under this Act survives the death of any person who might have been a plaintiff or defendant.

• (1) No person may sue under Section 33A(1) or 33F so far as it relates to Section 33A(1):
  • (a) more than three years after the sale; or
  • (b) if he received a rescission offer (meeting the requirements of Section 33I) before suit unless he (i) rejected the offer in writing within 30 days of its receipt and (ii) expressly reserved in the rejection his right to sue; or
  • (c) more than one year after he so rejected a rescission offer meeting the requirements of Section 33I.
• (2) No person may sue under Section 33A(2), 33C, or 33F so far as it relates to 33A(2) or 33C:
  • (a) more than three years after discovery of the untruth or omission, or after discovery should have been made by the exercise of reasonable diligence; or
  • (b) more than five years after the sale; or
  • (c) if he received a rescission offer (meeting the requirements of Section 33I) before suit, unless he (i) rejected the offer in writing within 30 days of its receipt, and (ii) expressly reserved in the rejection his right to sue; or
  • (d) more than one year after he so rejected a rescission offer meeting the requirements of Section 33I.
• (3) No person may sue under Section 33B or 33F so far as it relates to Section 33B:
  • (a) more than three years after discovery of the untruth or omission, or after discovery should have been made by the exercise of reasonable diligence; or
  • (b) more than five years after the purchase; or
  • (c) if he received a rescission offer (meeting the requirements of Section 33J) before suit unless he (i) rejected the offer in writing within 30 days of its receipt, and (ii) expressly reserved in the rejection his right to sue; or
  • (d) more than one year after he so rejected a rescission offer meeting the requirements of Section 33J.

A rescission offer under Section 33H(1) or (2) shall meet the following requirements:

• (1) The offer shall include financial and other information material to the offeree's decision whether to accept the offer, and shall not contain an untrue statement of a material fact or an omission to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading.
• (2) The offeror shall deposit funds in escrow in a state or national bank doing business in Texas (or in another bank approved by the Commissioner) or receive an unqualified commitment from such a bank to furnish funds sufficient to pay the amount offered.
• (3) The amount of the offer to a buyer who still owns the security shall be the amount (excluding costs and attorney's fees) he would recover on rescission under Section 33D(1).
• (4) The amount of the offer to a buyer who no longer owns the security shall be the amount (excluding costs and attorney's fees) he would recover in damages under Section 33D(3).
• (5) The offer shall state:
  • (a) the amount of the offer, as determined pursuant to Paragraph (3) or (4) above, which shall be given (i) so far as practicable in terms of a specified number of dollars and a specified rate of interest for a period starting at a specified date, and (ii) so far as necessary, in terms of specified elements (such as the value of the security when it was disposed of by the offeree) known to the offeree but not to the offeror, which are subject to the furnishing of reasonable evidence by the offeree.
  • (b) the name and address of the bank where the amount of the offer will be paid.
  • (c) that the offeree will receive the amount of the offer within a specified number of days (not more than 30) after receipt by the bank, in form reasonably acceptable to the offeror, and in compliance with the instructions in the offer, of:
    • (i) the security, if the offeree still owns it, or evidence of the fact and date of disposition if he no longer owns it; and
    • (ii) evidence, if necessary, of elements referred to in Paragraph (a)(ii) above.
  • (d) conspicuously that the offeree may not sue on his purchase under Section 33 unless:
    • (i) he accepts the offer but does not receive the amount of the offer, in which case he may sue within the time allowed by Section 33H(1)(a) or 33H(2)(a) or (b), as applicable; or
    • (ii) he rejects the offer in writing within 30 days of its receipt and expressly reserves in the rejection his right to sue, in which case he may sue within one year after he so rejects.
  • (e) in reasonable detail, the nature of the violation of this Act that occurred or may have occurred.
  • (f) any other information the offeror wants to include.

A rescission offer under Section 33H(3) shall meet the following requirements:

• (1) The offer shall include financial and other information material to the offeree's decision whether to accept the offer, and shall not contain an untrue statement of a material fact or an omission to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading.
• (2) The offeror shall deposit the securities in escrow in a state or national bank doing business in Texas (or in another bank approved by the Commissioner).
• (3) The terms of the offer shall be the same (excluding costs and attorney's fees) as the seller would recover on rescission under Section 33D(2).
• (4) The offer shall state:
  • (a) the terms of the offer, as determined pursuant to Paragraph (3) above, which shall be given (i) so far as practicable in terms of a specified number and kind of securities and a specified rate of interest for a period starting at a specified date, and (ii) so far as necessary, in terms of specified elements known to the offeree but not the offeror, which are subject to the furnishing of reasonable evidence by the offeree.
  • (b) the name and address of the bank where the terms of the offer will be carried out.
  • (c) that the offeree will receive the securities within a specified number of days (not more than 30) after receipt by the bank, in form reasonably acceptable to the offeror, and in compliance with the instructions in the offer, of:
    • (i) the amount required by the terms of the offer; and
    • (ii) evidence, if necessary, of elements referred to in Paragraph (a)(ii) above.
  • (d) conspicuously that the offeree may not sue on his sale under Section 33 unless:
    • (i) he accepts the offer but does not receive the securities, in which case he may sue within the time allowed by Section 33H(3)(a) or (b), as applicable; or
    • (ii) he rejects the offer in writing within 30 days of its receipt and expressly reserves in the rejection his right to sue, in which case he may sue within one year after he so rejects.
  • (e) in reasonable detail, the nature of the violation of this Act that occurred or may have occurred.
  • (f) any other information the offeror wants to include.

No person who has made or engaged in the performance of any contract in violation of any provision of this Act or any rule or order or requirement hereunder, or who has acquired any purported right under any such contract with knowledge of the facts by reason of which its making or performance was in violation, may base any suit on the contract.

A condition, stipulation, or provision binding a buyer or seller of a security or a purchaser of services rendered by an investment adviser or investment adviser representative to waive compliance with a provision of this Act or a rule or order or requirement hereunder is void.

The rights and remedies provided by this Act are in addition to any other rights (including exemplary or punitive damages) or remedies that may exist at law or in equity.

• (1) For purposes of this Section 33N, unless the context otherwise requires, "small business issuer" means an issuer of securities that, at the time of an offer to which this Section 33N applies:
  • (a) has annual gross revenues in an amount that does not exceed $25 million; and
  • (b) does not have a class of equity securities registered, or required to be registered, with the Securities and Exchange Commission under Section 12 of the Securities Exchange Act of 1934, as amended (15 U.S.C. Section 781).
• (2) This Section 33N applies only to:
  • (a) an offer of securities made by a small business issuer or by the seller of securities of a small business issuer that is in an aggregate amount that does not exceed $5 million; and
  • (b) a person who has been engaged to provide services relating to an offer of securities described by Section 33N(2)(a), including an attorney, an accountant, a consultant, or the firm of the attorney, accountant, or consultant.
• (3) The maximum amount that may be recovered against a person to which this Section 33N applies in any action or series of actions under Section 33 relating to an offer of securities to which this Section 33N applies is an amount equal to three times the fee paid by the issuer or other seller to the person for the services related to the offer of securities, unless the trier of fact finds the person engaged in intentional wrongdoing in providing the services.
• (4) A small business issuer making an offer of securities shall provide to the prospective buyer a written disclosure of the limitation of liability created by this Section 33N and shall receive a signed acknowledgement that the disclosure was provided.

• (1) An investment adviser or investment adviser representative who renders services as an investment adviser in violation of Section 12 or an order under Section 23B or 23-2 of this Act is liable to the purchaser, who may sue at law or in equity, for damages in the amount of any consideration paid for the services.
• (2) Except as provided by Subsection C of this section, an investment adviser or investment adviser representative who commits fraud or engages in a fraudulent practice in rendering services as an investment adviser is liable to the purchaser, who may sue at law or in equity, for damages.

In damages under Subsection A(2) of this section, the purchaser is entitled to recover:

• (1) the amount of any consideration paid for the services, less the amount of any income the purchaser received from acting on the services;
• (2) any loss incurred by the person in acting on the services provided by the adviser or representative;
• (3) interest at the legal rate for judgments accruing from the date of the payment of consideration; and
• (4) to the extent the court considers equitable, court costs and reasonable attorney's fees.

An investment adviser or investment adviser representative who in rendering services as an investment adviser makes a false statement of a material fact or omits to state a material fact necessary in order to make the statement made, in light of the circumstances under which the statement is made, not misleading, may not be found liable under Subsection A(2) of this section if the adviser or representative proves:

• (1) the purchaser knew of the truth or omission; or
• (2) the adviser or representative did not know, and in the exercise of reasonable care could not have known, of the untruth or omission.

• (1) A person may not sue under Subsection A(1) of this section more than three years after the violation occurred.
• (2) A person may not sue under Subsection A(2) of this section more than five years after the violation occurs or more than three years after the person knew or should have known, by the exercise of reasonable diligence, of the occurrence of the violation.

• (1) A person who directly or indirectly controls an investment adviser is jointly and severally liable with the investment adviser under this section, and to the same extent as the investment adviser, unless the controlling person sustains the burden of proof that the person did not know, and in the exercise of reasonable care could not have known, of the existence of the facts by reason of which liability is alleged to exist.
• (2) A person who directly or indirectly with intent to deceive or defraud or with reckless disregard for the truth or the law materially aids an investment adviser in conduct for which a cause of action is authorized by this section is jointly and severally liable with the investment adviser in an action to recover damages under this section.

A remedy provided by this section is not exclusive of any other applicable remedy provided by law.

1ST GLOBAL CAPITAL CORP.
8150 N. CENTRAL EXPRESSWAY, SUITE 500, DALLAS, TX 75206

3 MARK EQUITIES, INC.
1600 HWY. 6 SOUTH, SUITE 400, SUGAR LAND, TX 77478

ABSHIER WEBB DONNELLY & BAKER, INC.
2500 CITY WEST BLVD., SUITE 300, HOUSTON, TX 77042
Mailing Address: 2500 CITY WEST BLVD., SUITE 725, HOUSTON, TX 77042

ACQUEST SECURITIES LLC
1221 MCKINNEY STREET, SUITE 3250, HOUSTON, TX 77010

ACTINVER SECURITIES, INC.
5075 WESTHEIMER, SUITE 650, HOUSTON, TX 77056

AFFILIATED BANKERS CAPITAL, L.L.C.
2801 VIA FORTUNA DRIVE, SUITE 625, AUSTIN, TX 78746

ALLIANCE FINANCIAL GROUP, INC.
5950 BERKSHIRE LANE #1060, DALLAS, TX 75225

AMEGY INVESTMENTS, INC.
4400 POST OAK PARKWAY, HOUSTON, TX 77027
Mailing Address: P.O. BOX 27459, HOUSTON, TX 77227-7459

AMERICAN GENERAL DISTRIBUTORS, INC.
2929 ALLEN PARKWAY, HOUSTON, TX 77019
Mailing Address: 2929 ALLEN PARKWAY L4-01, HOUSTON, TX 77019

AMERICAN GENERAL EQUITY SERVICES CORPORATION
2727-A ALLEN PARKWAY, 2-G7, HOUSTON, TX 77019

AMHERST SECURITIES GROUP, L.P.
7801 NORTH CAPITAL OF TEXAS HIGHWAY, SUITE 300, AUSTIN, TX 78731

ASPEN EQUITY PARTNERS, LLC
2828 N. HARWOOD STREET, #1700, DALLAS, TX 75201

ASSOCIATED BOND BROKERS, INC.
3232 MCKINNEY AVE, STE 690, DALLAS, TX 75204

AWM SERVICES, INC.
1330 POST OAK BOULEVARD, SUITE 1550, HOUSTON, TX 77056

BALANCED FINANCIAL SECURITIES CORPORATION
4A LAKEWAY, ROCKWALL, TX 75032
Mailing Address: P.O. BOX 969, ROCKWALL, TX 75087

BALDWIN ANTHONY SECURITIES, INC.
4131 NORTH CENTRAL EXPWY STE 930, DALLAS, TX 75204

BEHRINGER SECURITIES LP
ONE ADDISON CIRCLE, 15601 DALLAS PARKWAY, SUITE 600, ADDISON, TX 75001

BENJAMIN SECURITIES INVESTMENT COMPANY, INC.
3603 RIDGEVIEW DRIVE, MISSOURI CITY, TX 77459

BENNETT ROSS, INC.
100 EAST 15TH STREET, SUITE 405, FORT WORTH, TX 76102

BFT FINANCIAL GROUP, LLC
2312 SCHOOL LANE, BEDFORD, TX 76021

BLACKHILL ADVISORS LP
2602 MCKINNEY, SUITE 400, DALLAS, TX 75204
Mailing Address: 2602 MCKINNEY AVENUE, SUITE 400, DALLAS, TX 75204

BLEY INVESTMENTS GROUP, INC.
4200 S. HULEN ST STE 519, FT. WORTH, TX 76109
Mailing Address: 4200 S. HULEN ST STE 519, FORT. WORTH, TX 76109

BLUE BELLE INVESTMENT CO., INC.
2001 KIRBY DRIVE, SUITE 909, HOUSTON, TX 77019

BLUFFVIEW CAPITAL, LP
1700 PACIFIC, SUITE 2660, DALLAS, TX 75201

BRAYMEN, LAMBERT AND NOEL SECURITIES, LTD.
4123 MCCULLOUGH, SAN ANTONIO, TX 78212

BRAZOS SECURITIES, INC.
12400 COIT ROAD, SUITE 1040, DALLAS, TX 75251
Mailing Address: 6454 VICKERY BLVD., DALLAS, TX 75214

BROWN AND BROWN SECURITIES, INC.
4925 GREENVILLE AVENUE #990, DALLAS, TX 75206-4026

BULLISH BOB BAGLEY SECURITIES, INC.
2535-A CEDAR SPRINGS, DALLAS, TX 75201

CALDWELL INTERNATIONAL SECURITIES
7635 FM 32, FISCHER, TX 78623

CALLAWAY FINANCIAL SERVICES, INC.
721 N. FIELDER RD. #C, ARLINGTON, TX 76012
Mailing Address: 721 N FIELDER RD #C, ARLINGTON, TX 76012

CAMBRIDGE LEGACY SECURITIES L.L.C.
15660 N DALLAS PARKWAY, SUITE 700, DALLAS, TX 75248

CAPITAL INSTITUTIONAL SERVICES, INC.
1601 ELM STREET, SUITE 3900, DALLAS, TX 75201

CAPNET SECURITIES CORPORATION
15721 PARK ROW, SUITE 100, HOUSTON, TX 77084

CAPROCK SECURITIES, INC.
4601 50TH STREET, SUITE 202, LUBBOCK, TX 79414-3518

CAPSTONE ASSET PLANNING COMPANY
3700 WEST SAM HOUSTON PARKWAY SOUTH, SUITE 250, HOUSTON, TX 77042

CBRE CAPITAL ADVISORS, INC.
2100 MCKINNEY AVENUE, SUITE 900, DALLAS, TX 75201

CHALLENGER CAPITAL GROUP, LTD.
2525 MCKINNON ST., SUITE 300, DALLAS, TX 75201

CHARLES W. PACE SECURITIES GROUP, INC.
4650 COLE AVENUE, #115, DALLAS, TX 75205

CHESTNUT ENERGY PARTNERS, INC.
2201 N. CENTRAL EXPRESSWAY, SUITE 240, RICHARDSON, TX 75080

CHOICE INVESTMENTS, INC.
KALEIDO 1, 9390 RESEARCH BLVD, BLDG 1, STE 412, AUSTIN, TX 78759

CLARK SECURITIES, INC.
2100 ROSS AVENUE, SUITE 2200, DALLAS, TX 75201-7906

CLINGER & CO., INC.
6505 CLAWSON ST., HOUSTON, TX 77055-7103

CND FINANCIAL LTD.
7350 CIRCLE OAK DR., BULVERDE, TX 78163

CNS SECURITIES, LLC
1651 N. COLLINS, SUITE 218, RICHARDSON, TX 75080
Mailing Address: 1651 N. COLLINS, SUITE 218, RICHARDSON, TX 75080

COASTAL SECURITIES, INC.
5555 SAN FELIPE, SUITE 2200, HOUSTON, TX 77056

COBRA TRADING, INC.
825 MARKET STREET, SUITE 240, ALLEN, TX 75013

COMMERCE SECURITIES CORPORATION
710 NO. POST OAK RD., SUITE 400, HOUSTON, TX 77024

COMMERCE STREET CAPITAL, LLC
1445 ROSS AVE. SUITE 2700, DALLAS, TX 75202
Mailing Address: 1445 ROSS AVE. SUITE 2700, DALLAS, TX 75202

CONDERA SECURITIES, LLC
4900 WOODWAY DRIVE, SUITE 940, HOUSTON, TX 77056

CP COGENT SECURITIES LP
2101 CEDAR SPRINGS RD STE 1200, DALLAS, TX 75201

CRESCENT SECURITIES GROUP, INC.
8750 N. CENTRAL EXPRESSWAY, SUITE 750, DALLAS, TX 75231

CRUTCHFIELD SECURITIES, L.L.C.
2700 POST OAK BOULEVARD, SUITE 975, HOUSTON, TX 77056

CSP SECURITIES, LP
13355 NOEL ROAD, SUITE 1050, DALLAS, TX 75240

D.H. HILL SECURITIES, LLLP
7821 FM 1960 E. SUITE B, HUMBLE, TX 77346
Mailing Address: 7821 FM 1960 E., SUITE B, HUMBLE, TX 77346

DBA THE DELTA COMPANY
901 NE LOOP 410, SUITE 711, SAN ANTONIO, TX 78209

DCMB SECURITIES LLC
1800 AUGUSTA, STE 107, HOUSTON, TX 77057

DEEP ATS, LLC
6101 W.COURTYARD, BLDG 1, SUITE 110, AUSTIN, TX 78730

DFA SECURITIES LLC
6300 BEE CAVE ROAD, AUSTIN, TX 78746
Mailing Address: 6300 BEE CAVE ROARD, AUSTIN, TX 78746

DILLON - GAGE SECURITIES, INC.
15301 DALLAS PKWY SUITE 200, ADDISON, TX 75001
Mailing Address: 15301 DALLAS PARKWAY SUITE 200, ADDISON, TX 75001

DLS CAPITAL PARTNERS, INC.
7700 GREENWAY TOWNHOUSE B1, DALLAS, TX 75209

DOMINION INVESTOR SERVICES, INC.
1100 NW LOOP 410, SUITE 800, SAN ANTONIO, TX 78213

DOUGLAS SCOTT SECURITIES, INC.
101 WEST RENNER ROAD, SUITE 480, RICHARDSON, TX 75082

E & G INVESTMENTS, LP
230 WESTCOTT, SUITE 220, HOUSTON, TX 77007

EDI FINANCIAL, INC.
12221 MERIT DRIVE, SUITE 1020, DALLAS, TX 75251-2207

EHRENBERG CHESLER SECURITIES, INC
7373 BROADWAY, SUITE 108, SAN ANTONIO, TX 78209
Mailing Address: 223 JUSTIN ROAD, MURPHY, TX 75094

ELTEKON SECURITIES, LLC
900 S. CAPITAL OF TEXAS HWY, SUITE 160, WEST LAKE HILLS, TX 78746

EMPIRIC DISTRIBUTORS, INC.
6300 BRIDGEPOINT PARKWAY, BUILDING 2, SUITE 105, AUSTIN, TX 78730
Mailing Address: 6300 BRIDGEPOINT PARKWAY, BUILDING II, SUITE 105, AUSTIN, TX 78730

ENERGY CAPITAL SOLUTIONS LLC
2651 NORTH HARWOOD, SUITE 410, DALLAS, TX 75201

ENERGY HUNTER SECURITIES, INC.
777 POST OAK BLVD, SUITE 650, HOUSTON, TX 77056

ENERGYNET.COM, INC.
7201 I-40 WEST SUITE 319, AMARILLO, TX 79106

ENSTREAM CAPITAL SECURITIES, LLC
100 CRESCENT COURT, STE. 700, DALLAS, TX 75201

ESPOSITO SECURITIES, LLC
300 CRESCENT COURT, SUITE 650, DALLAS, TX 75201

ESTRADA HINOJOSA & COMPANY, INC.
1717 MAIN STREET LB 47, DALLAS, TX 75201-7361

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