Articles Posted in Oil and Gas Investments

shutterstock_38114566-300x199According to BrokerCheck records financial advisor Matthew Werthe (Werthe), employed by Raymond James Financial Services, Inc. (Raymond James), has been subject to three customer complaints.  According to records kept by The Financial Industry Regulatory Authority (FINRA) Werthe has been accused by a customers of unsuitable investment advice concerning various investment products including energy stocks most likely including master limited partnerships (MLPs).  The law offices of Gana Weinstein LLP continue to report on investor related losses and potential legal remedies due to recommendations to investor in oil and gas and commodities related investments.

The most recent claim was filed in April 2018 and alleges fraud, excessive trading, churning, unauthorized trading, Ohio consumer fraud, breach of fiduciary duty, unsuitability, breach of contract, negligence, and unjust enrichment.  The customer claimed $728,000 in damages and the claim is currently pending.

Our firm handles claims and is also investigating securities claims against brokerage firms over sales practices related to the recommendations of oil & gas and commodities products such as exchange traded notes (ETNs), structured notes, private placements, master limited partnerships (MLPs), leveraged ETFs, mutual funds, and individual stocks.

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shutterstock_95643673-300x300The security fraud attorneys at Gana Weinstein LLP have been investigating previously registered broker Timothy Gibbons (Gibbons).

According to BrokerCheck records, in November 2017, the Financial Industry Regulative Authority (FINRA) suspended Gibbons for recommending unsuitable investments to 5 elderly customers and over-concentrating the accounts from 65% to 79% into a highly risky energy sector security. Gibbons recommendations were not appropriate for the customer in consideration of the customer’s age, risk tolerance, financial needs, and investment objectives. Without admitting or denying the findings, Gibbons consented to the sanctions and to the entry of findings. As a result of the violation, FINRA imposed a suspension of 18 months, a $20,000 fine and a restitution fee of $716,749.78 to remedy the customer losses.

In addition, Gibbons has also been subject to two pending customer disputes involving unsuitable investments in energy securities. In May 2018, a customer alleged that from 2012 to 2015, Gibbons was recommending unsuitable shares of energy stock to the customer.

In November 2015, a customer alleged that from May 2014, Gibbons placed the customer into investments that did not appropriately match the customer’s investment objectives and needs. Continue Reading

shutterstock_177577832-300x300The securities attorneys at Gana Weinstein LLP are investigating claims against Packerland Brokerage Services, Inc. (Packerland Brokerage) broker Edward Davig (Davig).

According to BrokerCheck records, Davig has been subject to six customer complaints, one of which is still pending.  The majority of these customer complaints involve unsuitable recommendations in oil and gas securities.

In April 2018, a customer alleged that Davig recommended the client to invest in unsuitable, illiquid oil and gas Master Limited Partnership investment which generated many losses for the client. The client has requested $500,000 for damages. This dispute is still pending. Continue Reading

shutterstock_140186524-300x298The investment lawyers of Gana Weinstein LLP are investigating the regulatory action brought by the Financial Industry Regulatory Authority (FINRA) against George Oldoerp (Oldoerp).  According to BrokerCheck records, Oldoerp was suspended by FINRA in May 2018. In addition, Oldoerp has been subject to one pending customer complaint and a tax lien.

In November 2017, a customer alleged that from August 2003 to November 2017, Oldoerp recommended the customer to invest in illiquid securities in oil and gas, equipment leasing, Business Development Companies(BDCs), and non-traded Real Estate Investment Trusts (REITs), which were unsuitable investments for the customer. The customer is requesting $500,000 in damages. This complaint is currently still pending.

In April 2018, Oldoerp refused to respond to information requested by FINRA regarding the pending customer dispute. Thus, Oldoerp is undergoing suspension indefinitely until he requests termination of the suspension. If he does not respond by July 16 to FINRA’s Notice of Suspension, he will automatically be barred from the industry. Continue Reading

shutterstock_15963142-300x200According to BrokerCheck records financial advisor Anthony Salerno (Salerno), employed by Ameriprise Financial Services, Inc. (Ameriprise), has been subject to three customer complaints.  According to records kept by The Financial Industry Regulatory Authority (FINRA) Salerno has been accused by a customers of unsuitable investment advice concerning various investment products including energy stocks including master limited partnerships (MLPs).  The law offices of Gana Weinstein LLP continue to report on investor related losses and potential legal remedies due to recommendations to investor in oil and gas and commodities related investments.

The most recent claim was filed in March 2018 and alleges unsuitable recommendations of municipal bonds in the period of 2013 to December 2017. The customer claimed $300,000 in damages and the claim is currently pending.

Our firm handles claims and is also investigating securities claims against brokerage firms over sales practices related to the recommendations of oil & gas and commodities products such as exchange traded notes (ETNs), structured notes, private placements, master limited partnerships (MLPs), leveraged ETFs, mutual funds, and individual stocks.

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shutterstock_61848763-300x203The securities attorneys at Gana Weinstein LLP are investigating claims against LPL Financial broker Stephen Garrett (Garrett).  According to BrokerCheck records, Garret has been subject to two customer complaints.

Most recently, In February 2014, a customer alleged inappropriate investments and options trading in volatile stocks concentrated in the oil and energy sector and inconsistent with customer’s investment objectives.  This dispute settled for $62,500.

Our firm handles claims and is also investigating securities claims against brokerage firms over sales practices related to the recommendations of oil & gas and commodities products such as exchange traded notes (ETNs), structured notes, private placements, master limited partnerships (MLPs), leveraged ETFs, mutual funds, and individual stocks.

shutterstock_103476707-300x212According to BrokerCheck records financial advisor Jeffrey Wilson (Wilson), employed by Wells Fargo Clearing Services, LLC (Wells Fargo), has been subject to four customer complaints.  According to records kept by The Financial Industry Regulatory Authority (FINRA) Wilson has been accused by a customers of unsuitable investment advice concerning various investment products including energy stocks that likely include master limited partnerships (MLPs).  The law offices of Gana Weinstein LLP continue to report on investor related losses and potential legal remedies due to recommendations to investor in oil and gas and commodities related investments.

The most recent claim was filed in August 2017 and alleges that Wilson in or around August 2014, recommended the purchase of unsuitable energy securities. The claim is currently pending.

In May 2016 another customer alleged that Wilson from June 2014 through November 2015 made unsuitable investments in oil and energy investments.  The customer’s claims were settled for $250,000.

Our firm handles claims and is also investigating securities claims against brokerage firms over sales practices related to the recommendations of oil & gas and commodities products such as exchange traded notes (ETNs), structured notes, private placements, master limited partnerships (MLPs), leveraged ETFs, mutual funds, and individual stocks.

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shutterstock_115971289-269x300According to BrokerCheck records financial advisor William Paynter (Paynter), employed by Wells Fargo Clearing Services, LLC (Wells Fargo), has been subject to two customer complaints.  According to records kept by The Financial Industry Regulatory Authority (FINRA) Paynter has been accused by a customers of unsuitable investment advice concerning various investment products including energy stocks that likely include master limited partnerships (MLPs).  The law offices of Gana Weinstein LLP continue to report on investor related losses and potential legal remedies due to recommendations to investor in oil and gas and commodities related investments.

The most recent claim was filed in June 2017 and alleges that Paynter made unsuitable investments from 2013 through 2014.  The customer alleges $500,000 in damages and the claim is currently pending.

In May 2017 another customer alleged that Paynter from 2010 through 2017 made unsuitable investments and over concentration in oil and energy investments.  The claim alleges the broker committed negligence, breach of fiduciary duty, negligent supervision, and breach of contract causing $500,000 in damages.  The claim is currently pending.

Our firm handles claims and is also investigating securities claims against brokerage firms over sales practices related to the recommendations of oil & gas and commodities products such as exchange traded notes (ETNs), structured notes, private placements, master limited partnerships (MLPs), leveraged ETFs, mutual funds, and individual stocks.

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shutterstock_140321293-200x300The Securities and Exchange Commission (SEC) filed a civil action charging Matthew Griffin and William Griffin with fraudulently offering two Texas oil and gas partnerships – Payson Petroleum 3 Well 2014.  The SEC alleges that between November 2013 and July 2014 the Griffins conducted a fraudulent offering of interests raising $23 million from approximately 150 investors for the purpose of developing three oil and gas wells.  The SEC claims that the Griffins misled investors about Payson’s promised participation in the program and other aspects of Payson’s compensation as the program’s sponsor and operator.

According to the SEC, the Griffins authorized offering materials containing numerous misrepresentations and omissions including: i) that Payson would contribute an up-front 20% of the offering amount in the amount of $5.4 million and that this capital infusion would cover 20% of the cost of the wells; ii) that Payson’s consideration as program sponsor/operator/co-investor would be limited to 20% of any petroleum revenue generated by the wells; and iii) that Payson would cover any cost overages beyond the estimated $24 million.

The SEC found these representations to be false because Payson contributed no money to the offering and paid nothing toward the well costs and moreover Payson lacked the financial means to pay even the smallest cost overage.  The program later declared bankruptcy.

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shutterstock_143094109-300x200According to BrokerCheck records financial advisor William Heiden (Heiden), employed by Wedbush Securities Inc. (Wedbush), has been subject to nine customer complaints.  According to records kept by The Financial Industry Regulatory Authority (FINRA) Heiden has been accused by a customers of unsuitable investment advice concerning various investment products including energy stocks including master limited partnerships (MLPs).  The law offices of Gana Weinstein LLP continue to report on investor related losses and potential legal remedies due to recommendations to investor in oil and gas and commodities related investments.

The most recent claim was filed in June 2017 and alleges that Heiden, breach his fiduciary duty, committed violation of industry rules, and financial elder abuse causing $855,299.  The customer’s accounts were maintained at the firm from September 2013 to April 2017.  The claim is currently pending.  The broker has stated in defense of the claim that market conditions and the collapse of oil prices in 2014 and 2015, resulted in a loss of value of some stock and bond positions in the customer’s account.

In January 2017 a customer alleged that Heiden, that from March 2012 to February 2016, made unsuitable investments in the client accounts causing $950,718 in damages.  The claim is currently pending.

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