According to their website, “Reef is a leader in oil and natural gas exploration, production and property accusations.” The company has interests in approximately 3,000 wells through out the US with a core concentration in North Dakota and Texas.
Unfortunately for many investors the risks associated with Reef partnerships may have been understated and misrepresented by their broker-dealer. While oil and gas partnerships can be lucrative, they are extremely speculative investments and are not suitable for most retail investors.
According to Form D filed with the Securities and Exchange Commission (SEC), Reef Lake Arthur Deep Joint Venture is a general partnership that set out to raise over $2 million in joint venture interests. As such, brokers who sold these joint venture interests, not only recommended a high-risk product, but also exposed their clients to increased liability associated with general partnerships.
Broker-dealers that make unsuitable recommendations or misrepresent any investment in order to complete the sale, can be liable for investment losses.
If you invested in Reef Lake Arthur Deep Joint Venture or other Reef Oil and Gas fund and would like to discuss your litigation options to recover investment losses, please call The White Law Group at 312-238-9650 for a free consultation.
The White Law Group, LLC is a national fraud, securities arbitration, investor protection and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.
To learn more about The White Law Group, visit http://www.whitesecuritieslaw.com.