Reef SWD 2007-A Securities Investigation
Have you suffered losses in Reef SWD 2007-A, L.P. (also known as Reef Saltwater Disposal 2007-A)? If so, the securities attorneys of The White Law Group may be able to help you recover your losses through FINRA arbitration.
On May 29, 2009, Reef SWD 2007-A, L.P. filed a lawsuit against Ricardo Guevara and certain of his affiliates alleging that Guevara misrepresented and omitted material information in regard to Reef SWD 2007-A’s purchase of four salt water disposal facilities located in Webb and Zapata Counties, Texas for a price of $7.5 million.
On January 5, 2010, Reef SWD 2007-A instituted a federal bankruptcy Chapter 11 proceeding in the U.S. Bankruptcy Court for the Northern District of Texas. As part of that proceeding, Reef SWD 2007-A asserted claims against Mr. Guevara and his affiliates similar in nature to the claims that were brought in the Texas state courts, as well as certain claims regarding fraudulent conveyances, which can only be brought in bankruptcy court.
Clearly, though, the Reef SWD 2007-A investment has not panned out the way that investors had hoped.
The White Law Group is investigating the liability that financial professional and brokerage firms may have for recommending Reef Saltwater Disposal 2007-A to its clients.
Financial advisors and broker-dealers have a duty to their clients to perform the necessary due diligence on an investment before offering it for sale to their clients. They must ensure that any investment recommendation that is made is suitable in light of the client’s age, investment experience, net worth, and investment objectives. Given what is known about Reef SWD 2007-A it appears that the firms that sold the investment failed to perform the adequate due diligence on the product before offering it to their clients.
The White Law Group’s investigation into Reef SWD 2007-A is a continuation of the firm’s ongoing investigation into other Reef Oil and Gas offerings, including but not limited to REEF Oil & Gas Income Fund IX LP, REEF Oil & Gas Income and Development Fund, LP, REEF Oil & Gas Income and Development Fund IV, LP, REEF Oil & Gas Income and Development Fund III, LP, REEF Oil & Gas 2010-A Income Fund, LP, REEF 2009 Drilling Fund, LP. These Reef Oil and Gas investments have had similar issues as the Reef SWD 2007-A investment and investors in these products may also be able to recover their losses through FINRA arbitration.
If you invested in Reef SWD 2007-A or another Reef Oil and Gas private placement and would like to discuss your litigation options, please call the securities attorneys of 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 http://www.whitesecuritieslaw.com.