Articles Tagged with oil investment attorney

shutterstock_145368937-300x225Broker William Campbell, currently employed at David Lerner Associates, Inc., (David Lerner) has been subject to at least four customer complaints during the course of his career. All four complaints allege Campbell of making unsuitable trading recommendations.

According to a BrokerCheck report, in August 2020, a customer made allegations against Campbell for unsuitability and sought approximately $90,000 in damages. Furthermore, in June 2019 another customer alleged that Campbell made unsuitable trading recommendations. The Claimant in this case is seeking damages in the amount of $120,000 and the claims involve a private placement.

Recently, our firm has received customer complaints concerning the sale of private placements being underwritten and offered by David Lerner in Energy 11 and Energy Resources 12 oil & gas partnerships.  These funds have cut distributions and appear to have lost a substantial amount of investor capital.

Energy 11 was formed to enable investors to invest in oil and gas properties located onshore in the United States. The funds’ stated primary objectives are to acquire producing and non-producing oil and gas properties with development potential, and to enhance the value of those properties through drilling and other development activities.  The fund plans to after five to seven years to engage in a liquidity transaction in which they will sell properties and distribute the net sales proceeds to investors, merge with another entity or list common units on a national securities exchange.

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shutterstock_94127350-300x205The investment attorneys of Gana Weinstein LLP are investigating investor claims of unsuitable investments in oil and gas related products.  Our firm is currently representing a number of investors who lost substantial savings due to poor advice to concentrate holdings in speculative commodities investments.  Many investors do not realize that many of these investments contain futures contracts and contain derivative features that warp and distort the value of these funds and make them unsuitable for long-term holdings.  Investors who have been recommended to buy and hold these products by their financial advisors may have viable claims for investment recovery.

These oil and gas investment funds include:

  • United States Oil Fund LP – USO
  • ProShares K-1 Free Crude Oil Strategy ETF – OILK
  • Breakwave Dry Bulk Shipping ETF – BDRY
  • Credit Suisse X-Links Crude Oil Shares Covered Call ETN – USOI
  • SPDR S&P Oil & Gas Equipment & Services ETF – XES
  • iShares U.S. Oil Equipment & Services ETF – IEZ
  • United States Brent Oil Fund LP – BNO
  • VanEck Vectors Oil Services ETF – OIH
  • InfraCap MLP ETF – AMZA
  • Invesco S&P SmallCap Energy ETF – PSCE
  • Invesco Dynamic Oil & Gas Services ETF – PXJ
  • iPath Pure Beta Crude Oil ETN – OLEM
  • United States Gasoline Fund LP – UGA

Some of these products listed utilize investments in futures contracts for natural gas, crude oil, heating oil, gasoline, and other petroleum-based fuels that are traded on the New York Mercantile Exchange, ICE Futures or other U.S. and foreign exchanges.  These investments warn that the price relationship between the near month contract to expire and the next month contract to expire that compose the Benchmark Futures Contract will vary and may impact both the total return over time of the investments net-asset-value (NAV), as well as the degree to which its total return tracks other oil and gas related price indices’ total returns.

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shutterstock_145368937-300x225The investment attorneys with Gana Weinstein LLP are investigating and representing investors who were inappropriately recommended oil and gas and commodities related investments.  Investors may have potential legal remedies due to unsuitable recommendations by their broker to invest in this speculative and volatile area.

Mewbourne Oil Company claims on its website to have grown into one of the more prominent independent oil and natural gas producers in the Anadarko and Permian Basins of Texas, Oklahoma and New Mexico. The company focuses its efforts in the Anadarko and Permian Basins. Mewbourne clamis that the Anadarko and Permian Basins have produced more than 42 billion barrels of oil and 220 trillion cubic feet of natural gas and contain many of the largest oil and natural gas fields in the United States.

Mewbourne raises funds from investors through brokerage firms by selling interests in private placement partnerships.  Those offerings include:

Mewbourne Energy Partners 11-A, L.P.

Mewbourne Energy Partners 12-A, L.P.

Mewbourne Energy Partners 13-A, L.P.

Mewbourne Energy Partners 14-A, L.P.

Mewbourne Energy Partners 15-A, L.P.

Mewbourne Energy Partners 16-A, L.P.

Mewbourne Energy Partners 17-A, L.P.

Mewbourne Energy Partners 18-A, L.P.

Mewbourne Energy Partners 19-A, L.P.

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