Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Jeffrey Mann (Mann), currently associated with Douglas Scott Securities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Mann recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $1,000,000.00 on December 16, 2025.
The lawsuit alleges that in late 2022, Patrick Dowling's company, Hill Country Oil & Gas entered into written contracts to sell to the plaintiffs interests in two prospects in Okfuskee County, Oklahoma, known as "Clearview" and "6 Shooter." \, \, This lawsuit involves oil and gas industry level transactions made by Patrick Dowling and his company Hill Country Oil & Gas, LLC, which the plaintiffs allege were made with Mr. Dowling and his company in Oklahoma. Hill Country Oil & Gas, LLC is not related to Hill Country Exploration, Inc. However, the lawsuit names Jeffrey Mann, as well as Hill Country Exploration, Inc. as defendants.\, \, The lawsuit alleges that in late 2022, Mr. Dowling's company entered into written contracts to sell to the plaintiffs interests in two prospects in Okfuskee County, Oklahoma, known as "Clearview" and "6 Shooter." These transactions were fulfilled, drilled and produced accordingly, but the resulting production returns were considered personally disappointing by the plaintiffs. Pursuant to the original agreements, the defendants fulfilled their contractual obligations to the plaintiffs, but the defendants are still suing to recoup their initial investments.
Financial Advisors providing advice to retail investors are required to adhere to the SEC’s Regulation Best Interest (Reg BI). Reg BI applies a ‘best interest’ standard for broker-dealers and their associated people. Reg BI applies when brokers recommend a retail investor engage in securities transaction or an investment strategy involving one or more securities. Reg BI also applies to financial advice concerning the transfer of funds and opening of accounts. This standard applies when a registered representative is providing investment advice through making recommendations customers and covers securities transaction, investment strategies, and recommendations concerning advice on opening of an account or accounts.
Another aspect of the care obligation is focusing on the client’s specific needs which brokers must reasonably understand through obtaining information for the client’s investment profile. In completing a customer’s investment profile the advisor should include information such as the investor’s investment time horizon; liquidity needs; risk tolerance; experience with various investment vehicles; investment objectives and financial goals; assets and debts including outside investment accounts; marital status; tax information; age; and other relevant information that may be individual to the investor that the advisor would need to know to properly render advice or provide services. Reg BI is drawn from fiduciary principles that include an obligation to act in the retail investor’s best interest and the broker is prohibited from placing their own interests ahead of the investor’s interest. Reg BI comes with different key obligations that associated persons must meet in dispensing advice. The care obligation requires registered representatives to carefully evaluate investment options, review the risks and rewards of the investment or service, compare similar products, and ensure that the recommended investment is appropriate for the customer and in the retail investor’s best interest.
Next, the broker must understand the investor’s investment background and profile. A customer’s profile includes information that describes the investor’s financial situation and needs. Information here will include their outside securities accounts and investments; relevant assets and debts; tax bracket; age; liquidity needs; risk tolerance; investment time horizon; experience with investing; investment objectives; and any other relevant information that the investor may choose to disclose pertinent to their situation. The associated person must then apply both their reasonable diligence into various investment options as well as the information gathered as to the investor’s specific needs when considering the investment recommendation. The broker must explore various alternative investment options available to address these needs and determine that there is a reasonable basis to believe that the recommendation or service being recommended is in the retail investor’s best interest. Brokerage firms and advisors must also understand the features and limitations of various account types as part of meeting Reg BI’s care obligations. Firms typically offer a variety of account options and services with different trading costs, services, such as account and activity monitoring. An advisor’s recommendation as to what type of securities account to open can alter the customers’ overall costs and investment returns. The advisor must determine that the client can benefit from the type of account being recommended to be opened and in the investor’s best interest taking into account the costs, benefits, and needs of the client.
Mann entered the securities industry in 1993. Mann has been registered as a Broker with Douglas Scott Securities, INC. since 1995.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.