Published On: April 20, 2017

Were you sold Dakota Plains Holdings stock by Nicholas Shermeta or by another broker? If so, the attorneys at Stoltmann Law Offices are interested in speaking with you about those losses. Nicholas Shermeta, a former broker at Northland Securities, was recently barred by the Securities and Exchange Commission (SEC) and was charged with five counts of wire fraud. Nicholas Shermeta, along with Ryan Gilbertson, founder of Dakota Plains Inc. and Douglas Hoskins, were charged with wire fraud in regards to a complex stock manipulation scheme resulting in the company owing more than $30 million in fraudulent bonus payments. Dakota Plains Holdings is an integrated midstream energy company operating the Pioneer Terminal with services that include outbound crude oil storage, logistics, and rail transportation and inbound frac sand logistics. It operates out of New Town, North Dakota, for loading crude oil onto trains for transport to oil refineries.

Oil and gas and energy stocks such as Dakota Plains Holdings tend to be very high-risk and illiquid stocks and are not suitable for all investors, especially the elderly. If you were sold this stock by Mr. Shermeta, or another broker, your brokerage firm may be liable for losses. Every full-service brokerage firm has an ironclad obligation to reasonably supervise its employees, and, if it does not, can be held liable for losses. Please call us today if you believe you may have a claim against Northland Securities for Nicholas Shermeta losses. We take cases on a contingency fee basis only, so we only make money if you recover yours.

According to his Financial Industry Regulatory Authority (FINRA), Nicholas Shermeta was registered with John G. Kinnard & Company, Equity Securities Trading Co., Paradise Valley Securities, Miller Johnson Steichen Kinnard, Feltl & Company and Northland Securities in Minneapolis, Minnesota from November 2011 until November 2016. He has one criminal pending charge against him and has been barred from the industry.


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