Articles Tagged with Energy 11 investment fraud

shutterstock_175298066-300x225The law offices of Gana LLP recently filed a complaint before The Financial Industry Regulatory Authority (FINRA) on behalf of a investor against brokerage firm David Lerner Associates, Inc. (David Lerner) involving the firm’s financial advisor, Lawrence Merl (Merl) and his recommendation to invest virtually all of the widow Claimant’s savings in an oil & gas private placement – Energy 11, L.P (Energy 11).  The Claimant alleged that David Lerner failed to supervise Mr. Merl’s unsuitable recommendation and failed to conduct due diligence on the investment in Energy 11.

Energy 11 has sustained massive losses that appear to have been hidden from investors due to the fact that the sponsor of Energy 11 gets to state its own value to investors.  Recently, investors in Energy 11 received value information indicating an approximate 65% loss on the investment.  It is possible that the loss if far greater than even the drastic loss already being voluntarily reported by the fund.  Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation.

Energy 11, L.P. is a non-traded oil and gas investment.  The partnership was formed in 2013 to acquire and develop oil and natural gas properties located onshore in the United States.  Energy 11 has raised over $350 million and invested the proceeds in non-operated working interests in approximately 221 existing producing wells and approximately 247 future development locations in the Sanish field located in Mountrail County, North Dakota. Whiting Petroleum Corporation (NYSE:WLL), a publicly traded oil and gas company, operates the Partnership’s well interests in the Sanish field.

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