The investment lawyers of Gana Weinstein LLP are investigating customer complaints against broker Harris Kirk (Kirk). There are at least 3 customer complaints against Kirk. In addition, there is one employment separation disclosed and a FINRA investigation. Some of the customer complaints appear to be related to recommendation of oil and gas private placements and investments likely offered by Reef Oil and Gas Companies. The investment attorneys at Gana Weinstein LLP continue to report on investor losses and unsuitable investments in oil and gas related investments, like Reef Oil and Gas.
The employment termination from Reef Securities, Inc. (Reef) came in September 2013 after the firm alleged that Kirk engaged in actions inconsistent with the firm’s policies in that Kirk provided inaccurate information concerning his outside business activities. Thereafter, Kirk was employed by Chestnut Exploration Partners, Inc. until February 2015 at which time he was once again associated with Reef.
Investors often do not appreciate the risks when investing in oil and gas private placements. Even before the collapse of oil prices it was rare for investors to make money on oil deals. According to Reuters, of 34 deals Reef Oil and Gas has issued since 1996, only 12 have paid out more cash to investors than they initially contributed. Reuters also found that Reef sold an additional 31 smaller deals between 1996 and 2010 taking $146 million from investors and only paying out just $55 million.