Did You Lose Money Investing in Hornbeck Offshore With NTB…

Hornbeck Offshore

Hornbeck Offshore

Were you the victim of NTB Financial Corporation broker Thomas Bonik (CRD# 852722)? Bonik was registered with NTB Financial Corporation in St. Augustine, Florida from 1998 to 2020, when he was terminated regarding, “Unsuitable recommendations by Mr. Bonik leading to realized losses between March 2019 and May 2020. Customer opened account in February 2019 specifying Growth with High Risk as her primary objective with a 6-10 year time horizon. Mr. Bonik recommended mid-cap growth equity securities some of which went down in price and a fossil energy company bond that defaulted during the COVID19 pandemic.”

It is alleged that Bonik recommended his clients invest in Hornbeck Offshore, causing them to suffer significant investment losses.

In September 2020, Hornbeck Offshore emerged from Chapter 11 pursuant to its Joint Prepackaged Chapter 11 Plan of Reorganization. According to the press release, “Pursuant to the Plan, all general unsecured creditors, including the Company’s trade creditors and vendors, were paid in full in the ordinary course of business; the Company’s debtor-in-possession financing was converted into a new senior secured exit facility; all of the Company’s pre-petition secured loans and unsecured senior notes were cancelled in exchange for new secured debt, new equity, and new equity rights (or cash, if applicable) as of the Effective Date; and all of the Company’s pre-petition equity interests were extinguished as of the Effective Date… In addition, the Company closed on the common stock rights offering contemplated by the Plan, which resulted in a $100 million cash infusion of new equity capital led by the Special Opportunities Funds of Ares Management, as well as funds managed by Whitebox Advisors and Highbridge Capital Management.”

In June 2020, Hornbeck Offshore Services Inc. filed a voluntary petition for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas. According to the filing, Hornbeck has $1.49 billion in debt and $2.69 billion in assets, of which $450 million was in outstanding 5.00% notes due 2021 and $225 million in 5.875% notes due 2020. 

The Hornbeck Offshore Services Inc. bonds were rated D by Standard and Poor’s (S&P), which are “junk” rated with higher yields than other higher rated bonds. A D-rating is described as speculative grade, “Payment default on a financial commitment or breach of an imputed promise; also used when a bankruptcy petition has been filed,” according to S&P.

Bonik has been the subject of five customer complaints between 1990 and 2020, one of which was closed without action, according to his CRD report. The most recent complaint from October 2020 is regarding, “Unsuitable recommendations leading to losses between March 2019 and May 2020. Customer opened account in February 2019 specifying Growth with High Risk as her primary objective with a 6-10 year time horizon. Mr. Bonik recommended mid-cap growth equity securities some of which went down in price and a fossil energy company bond that defaulted during the COVID19 pandemic.”

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, NTB Financial Corporation may be liable for investment or other losses suffered by Bonik’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.

Share Review:
Yes it is. Based on the user review published on OutScam.com, it is strongly advised to avoid Did You Lose Money Investing in Hornbeck Offshore With NTB Financial Corporation Broker Thomas Bonik? in any dealing and transaction.
Not really. In spite of the review published here, there has been no response from Did You Lose Money Investing in Hornbeck Offshore With NTB Financial Corporation Broker Thomas Bonik?. Lack of accountability is a major factor in determining trust.
Because unlike OutScam.com, other websites get paid to remove negative reviews and replace them with fake positive ones.
Did You Lose Money Investing in Hornbeck Offshore With NTB Financial Corporation Broker Thomas Bonik? is rated 1.67 out of 5 based on the reviews submitted by our users and is marked as POOR.
Never trust websites which offer a shady ‘advocacy package’ to businesses. Search for relevant reviews on Ripoff Report and Pissed Consumer to see more unbiased reviews.
The above review and comments against Did You Lose Money Investing in Hornbeck Offshore With NTB Financial Corporation Broker Thomas Bonik? were submitted by OutScam.com user(s) and have been published as-is. OutScam.com does not edit, alter or remove content published by it’s users. There’s no amount of money a business can pay to manipulate their reviews or complaints and OutScam.com will NOT entertain any request to remove the review on Did You Lose Money Investing in Hornbeck Offshore With NTB Financial Corporation Broker Thomas Bonik? at any cost whatsoever.
>