Penneco Drilling Associates Securities Investigation
Have you suffered losses in a Penneco Drilling Associates private placement offering? If so, the securities attorneys of The White Law Group may be able to help you recover your losses through FINRA arbitration.
According to its Form D SEC filing, Penneco Drilling Associates is an oil and gas development company. In order to raise capital for its offerings, Penneco has offered “private placements” to the public, which were then offered and sold by certain FINRA registered broker-dealers.
Upon information and belief, the following Penneco private placements have been offered and sold: Penneco Drilling Associates 2002-1, Penneco Drilling Associates 2003-1, Penneco Drilling Associates 2004-1, Penneco Drilling Associates 2005-1, Penneco Drilling Associates 2006-1, Penneco Drilling Associates 2008-1, Penneco Drilling Associates 2009-1, and Penneco Royalty Income LP III.
Many oil and gas LPs have high expense ratios. Due to the decline in the overall health of the oil and gas market, they are suffering. Some are on the brink of default, or worse yet, bankruptcy. Such an outcome is extreme, but not unforeseen. It only highlights the unsuitability of these investments for most retail investors – particularly in large concentrations.
Private placements like the one offered by Penneco Drilling Associates are often riskier and more complicated than traditional investments. They only suitable for high net worth, sophisticated investors. Brokerage firms continue to push this type of investment because of the high commissions associated with their sale and creation.
Recovery of Investment Losses
The White Law Group continues to investigate the liability that FINRA registered brokerage firms may have for improperly selling high-risk private placements, like Penneco Drilling Associates, to their clients.
To speak with a securities attorney regarding your investment in Penneco Drilling Associates, please call The White Law Group at 888-637-5510 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, visit the firm’s website at http://www.whitesecuritieslaw.com.