Articles Tagged with unsuitable oil investments

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_185582-300x225According to BrokerCheck records financial advisor George Puliafico (Puliafico), employed by Raymond James Financial Services, Inc. (Raymond James), has been subject to one customer complaint.  According to records kept by The Financial Industry Regulatory Authority (FINRA) Puliafico 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 April 2018 and alleges breach of fiduciary duty, negligent supervision, and breach of contract.  The customer claimed $2,000,000 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.

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