Noble Royalties sponsored a variety of funds, named the Noble Royalty Access Funds. The units of the Funds were not registered with the Securities and Exchange Commission, and they did not trade on a public exchange. Thus shares of the interests in the noble Royalty Access Funds were generally illiquid. Investors who were sold Noble Royalty Funds may have suffered significant losses and may not even be aware of the true extent of their losses. The shares of Noble Royalties Funds were only supposed to be allowed to be Accredited Investors (generally high new worth investors). Investments in Noble Royalties Funds should be considered highly speculative. Sale of units or shares in Noble Royalties Funds were only appropriate for a very limited pool of investors. Further, because Noble Royalty Funds generally made investment in oil and gas and minerals/mineral rights, there were additional particular risks to these Funds.
Our investigation has indicated brokers and advisors may have sold shares in Noble Royalty funds to retirees or conservative/moderate investors, or otherwise misrepresenting the nature of the investments as safe or conservative and backed by hard assets. Advisors who recommended their clients to investment in Noble Royalties may be liable for losses suffered by the clients. Under the FINRA Rules brokers and advisors are required to conduct reasonable due diligence and are only permitted to recommend investments that are suitable for the client’s risk tolerance and needs. Further, brokers are required to fully and accurately describe the risks and rewards of the investments they offer. Thus, brokers who misrepresent the investments, or recommend unsuitable investments may be liable for losses suffered.
Brokers and advisors who sold the Noble Funds were typically awarded significant upfront commissions. This may explain why some brokers and advisors recommended these funds to their clients. The Noble Royalties Access Funds typically had very high upfront fees, commissions, and expenses. For instance, some funds may have charged more than 25% of the investment principal in fees, commissions, and expenses, meaning that less than 75% of the investors actual money would go towards the cost of properties or purchasing the properties/investments. For an investor who invested $100,000 in such a Noble Fund, the investor’s principal would be immediately reduced by as much as $25,000 or more in fees and commissions paid to the broker, advisor, and the sponsor of the investment. It is possible that brokers either did not explain the fees, expenses, or commissions to their clients or misrepresented these fees and expenses.
If your advisor recommended any Noble Royalties investments or Noble Royalty Access funds to you, you may have a legal right to bring a claim to recover your losses. The following is a non-exhaustive list of the Noble Funds which may have been sold to clients by their broker.
- Noble Royalty Access Fund, LP
- Noble Royalty Access Fund I, LP;
- Noble Royalty Access Fund II, LP;
- Noble Royalty Access Fund III, LP;
- Noble Royalty Access Fund IV, LP;
- Noble Royalty Access Fund V, LP;
- Noble Royalty Access Fund VI, LP;
- Noble Royalty Access Fund VII, LP;
- Noble Royalty Access Fund VIII, LP;
- Noble Royalty Access Fund IX, LP;
- Noble Royalty Access Fund X, LP;
- Noble Royalty Access Fund XI, LP;
- Noble Royalty Access Fund XII, LP;
- Noble Royalty Access Fund 13, LP;
- Noble Royalty Access Fund 14, LP;
- Noble Royalty Access Fund 15, LP
We represent investors on a contingency fee basis, meaning there are no upfront costs or fees to you. We may be able to file a FINRA Claim to recover damages you suffered due to the negligent or unsuitable recommendations from your broker.
What Our Clients Say
Below are some of the emails and letters that our clients have sent us.
At a time in our life when we were most vulnerable we lost control of our finances. We fell victim to a broker that took huge commissions and did not disclose that we were not able to access our money. Peter Mougey and his wonderful staff worked with us to make us whole again and got our money released. I cannot say enough about their work ethic, professionalism, and kindness during this stressful time for us. We had a 100% positive conclusion to our case and we strongly recommend Peter and the firm. We can now sleep at night! Fred & Pat H.
My husband and I were very pleased with the work that Peter and his team provided. He was very knowledgeable of the circumstances of our case and kept us informed throughout the process. He is extremely qualified and worked diligently on our behalf. We are positive that this case would not have been resolved in our favor had it not been for Peter's expertise and his passion. He definitely cares about his clients and we sincerely appreciate his efforts. Rachel C.
FRS is a governmental body. FRS retained the services of Peter Mougey of the LP law firm in a multimillion dollar lawsuit involving extremely complex issues. Mr. Mougey quickly mastered the issues and gave advice that was vital in bringing about a successful resolution. Two of the most important features of Mr. Mougey’s representation was his understanding of government and his ability to communicate complicated legal concepts to a 10-member board of trustees in language that was easily understood by all. I did not know Mr. Mougey before FRS retained him and, fortunately, have not experienced circumstances where the system would need his services again. However, if needed, I would have no hesitation in retaining his services again. Please let me know if you need any additional information or assistance. Steven S.
Edison's famous adage can't ever be ignored of course: 1 part inspiration and 99 parts perspiration. However the two attitudes must be present indissolubly--both are essential--if results are to be obtained. Peter Mougey’s group is aware of such a requirement, they work very hard at the latter, and the former comes easily to them, a rare combination anywhere to be found indeed. Raphael B.
I would like to express my sincere gratitude to Peter Mougey and your entire team on behalf of my family for the amazing job done during your representation. From day one I received kindness, rapid responses to all of my questions, with polite and patient encounters with all of your staff assistants. You are the best- and I will be eternally grateful to you and your entire team. Michelle E.