Articles Tagged with oil investment fraud lawyer

shutterstock_140186524-300x298The 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 like master limited partnerships (MLPs).  ClearBridge MLP and Midstream Fund, Inc. (NYSE: CEM) is a mutual fund that provides a single investment for accessing a portfolio of energy-related MLPs and midstream entities.

Year to date ClearBridge MLP and Midstream Fund has returned a -68.73% return as of April 30, 2020.  The price of the fund has fallen to $3.19.

As a background, MLPs are publicly traded partnerships. About 86% of the total MLP securities market, a $490 billion sector, can be attributed to energy and natural resource companies. There are about 130 MLPs trading on major exchanges that focus on energy related industries and natural resources.

Wall Street loves MLPs because they provide high yields to investors and require companies to pay Wall Street in order to continue to grow.  In 2013 banks earned fees of $890.3 million from MLP issuance.   Bloomberg quoted an analyst stating that “MLPs are Wall Street’s dream,” because “[t]hey’re fee machines.”  Naturally, in order to entice investors to continue to invest in MLPs Wall Street pumps up MLPs every chance they get.  According to Bloomberg, in May 2014 “[a]nalysts predict that 93 of the 114 MLPs in existence will rise in value in the next year…”  Astonishingly, “all but five MLPs are recommended by the majority of the analysts who cover them.”  At that time professionals without conflicts called MLPs “the next great investment debacle” and warned that “many MLP shareholders…may not understand what they’ve gotten into.”

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shutterstock_103681238-300x300According to BrokerCheck records financial advisor William Council (Council), currently employed by Raymond James & Associates, Inc. (Raymond James), has been subject to at least three customer complaints and eight financial disclosures during the course of his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA) Council has been accused by multiple 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.

In February 2019 a customer filed a complaint alleging that Council violated the securities laws by purchasing unsuitable securities causing $334,000 in damages.  The claim is currently pending.

In December 2018 a customer filed a complaint alleging that Council violated the securities laws by purchasing unsuitable securities, breach of fiduciary duty, negligent misrepresentation, negligence from February 2015 through October 2015 causing $105,000 in damages.  The claim settled for $28,000.

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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