February 21, 2013 Comments (0) Blog, Securities Fraud

Update on Securities Fraud Investigation Involving Bradford Drilling Associates

(Last Updated On: July 17, 2015)

The White Law Group continues to investigate potential FINRA arbitration claims involving Bradford Drilling investments.

Investors in Bradford Drilling Associates XIX, L.P. and XX, L.P. received a letter on December 1, 2012 proposing the dissolution of the Partnership.

On January 17, 2013, Royal Dutch Shell (Shell) purchased 100% of Bradford Drilling Associates XIX, L.P. assets for  $3,575,677. This ended the partnership and allowed investors to receive liquid distributions.

Unfortunately for Bradford Drilling Associates XX, L.P., it appears that the sales proceeds will not be used for distributions to investors but rather to cover other financial obligations.

An earlier letter informed investors that Shell became the operator of the wells after the acquisition of the original operator East Resource, Inc.  As a result, the partnership became concerned that the operating cost of the wells would increase and exceed the cost the wells could support.   Upon information and belief, this was the bases for the dissolution.

Bradford, an oil and natural gas drilling company since 1994, is located in Buffalo, New York.  According to filings with the Securities and Exchange Commission (SEC), Bradford Drilling Associates have offered numerous private placements to raise funds.

Private placements are exempt from the typical registration requirements of the federal Securities Act of 1933.  Brokers that sell private placements have a fiduciary duty to investors and should only recommend private placements to accredited investors or those who meet suitability standards.  However, because of the high commissions earned, many brokers push the sale of private placements on investors that do not have the requisite experience to understand the investments.

If you suffered significant losses as a result of your investment in a Bradford Drilling Associates private placement and were misinformed about the risks, you may have a valid securities arbitration claim against the broker-dealer.

The White Law Groups is looking into the following Bradford private placements:

  • Bradford Drilling Associates XIX, LP
  • Bradford Drilling Associates XV, LP
  • Bradford Drilling Associates XVI, LP
  • Bradford Drilling Associates XVII, LP
  • Bradford Drilling Associates XVIII, LP
  • Bradford Drilling Associates XX, LP
  • Bradford Drilling Associates XXI, LP
  • Bradford Drilling Associates XXII, LP
  • Bradford Drilling Associates XXIV, LP
  • Bradford Drilling Associates XXIX, LP
  • Bradford Drilling Associates XXV, LP
  • Bradford Drilling Associates XXVII, LP
  • Bradford Drilling Associates XXVIII, LP
  • Bradford Drilling Associates XXX, LP
  • Bradford Drilling Associates XXXI, LP
  • Bradford Drilling Associates XXXII, LP

To determine whether you may be able to recover your investment losses through a FINRA arbitration claim, please contact the attorneys of The White Law group at 312-238-9650 for a free consultation.

The White Law Group, LLC is a national securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, visit http://www.whitesecuritieslaw.com.

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