Articles Posted in Oil and Gas Investments

shutterstock_188631644-300x225According to BrokerCheck records financial advisor Michael Barnett (Barnett), employed by J.J.B. Hilliard, W.L. Lyons, LLC (JJB Hilliard), has been subject to six customer complaints.  According to records kept by The Financial Industry Regulatory Authority (FINRA) Barnett has been accused by a customer 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 June 2018 and alleges breach of contract, breach of fiduciary duty, violation of the Kentucky Consumer Protection Act, violation of Kentucky’s blue sky laws, and violation of the Illinois Consumer Fraud Act with respect to an over-concentration and losses in Breitburn Energy (BBEP) and that BBEP was unsuitable.  The claim alleges $42,791.95 in damages and 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_103681238-300x300According to BrokerCheck records financial advisor Jerry Michna (Michna), employed by Cetera Advisor Networks LLC (Cetera Advisor), has been subject to two customer complaints.  According to records kept by The Financial Industry Regulatory Authority (FINRA) Michna has been accused by a customer 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 claim was filed in July 2018 and alleges various energy sector equities purchased in 2013 and 2014 were unsuitable causing $250,000 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_12144202-300x200The securities attorneys at Gana Weinstein LLP have been investigating Wells Fargo Clearing Services, LLC (Wells Fargo) broker Bryan Musso (Musso). According to BrokerCheck Records kept by the Financial Industry Regulatory Authority (FINRA), Musso has been subject to six customer disputes, one of which is still pending. The majority of these disputes concern unsuitable investment recommendations in retirement plans and in oil and gas securities. 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.

Most recently, in December 2017, Musso was subject to a customer dispute in which a customer alleged that Musso placed the customer in unsuitable oil and gas securities. This dispute is currently still pending.

In May 2011, a customer alleged that Musso made poor, unsuitable retirement plan recommendations and placed the customer into unsuitable investments. The case was settled at $445,220.

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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.

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.

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.

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.

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.

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.