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Wedbush Morgan and Broker Bambi Holzer Sold Provident and Shale Royalties
Posted by: Jeffrey B. Kaplan
March 26, 2010

Wedbush Morgan Securities, Inc. stockbroker Bambi Holzer, who operates out of Beverly Hills, California, is one of the many financial advisors who sold fraudulent Provident and Shale Royalties investments to investors.

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SEC Obtains Freeze of Provident Officer's Assets
Posted by: Jeffrey B. Kaplan
December 14, 2009

On December 3, 2009, the Securities and Exchange Commission obtained a temporary restraining order and emergency asset freeze against Joseph S. Blimline relating to his involvement in a $485 million offering fraud and Ponzi scheme. The alleged Ponzi scheme was orchestrated by Joseph S. Blimline, Paul R. Melbye, Brendan W. Coughlin and Henry D. Harrison through a company they owned and controlled, Provident Royalties LLC. The SEC previously filed a complaint against Melbye, Coughlin and Harrison and on July 7, 2009, obtained a temporary restraining order, asset freeze and appointment of a receiver with respect to those individuals.

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Securities and Exchange Commission Accuses Provident Royalties, LLC of Running $485 Million Ponzi Scheme
Posted by: Jeffrey B. Kaplan
August 07, 2009

The United States Securities and Exchange Commission ("SEC") has charged Provident Royalties, LLC, Provident Asset Management LLC, and founders Brendan Coughlin, Paul Melbye, and Henry Harrison with securities fraud. The SEC claims that the limited partnership interests and preferred shares that the defendants sold in various Provident and Shale Royalties entities were part of a $485 million investment scam.

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