Aztec XI-D Oil & Gas LP Investment Losses
Have you suffered losses investing in Aztec XI-D Oil & Gas LP? If so, The White Law Group may be able.
The White Law Group has represented a number of investors in claims involving broker-dealers improperly recommending that investors invest in speculative oil and gas partnerships like Aztec XI-D Oil & Gas LP.
According to a press release, on August 30, 2011, Aztec Oil an Gas closed a partnership under its Aztec XI Oil & Gas Drilling Program. The limited partnership, “Aztec XI-D Oil & Gas LP”, was focused on drilling shallow wells for oil in Texas and closed with approximately $1.6 million of funding. Aztec’s wholly-owned subsidiary, Aztec Energy, LLC, held a thirty percent (30%) ownership interest in the Partnership by contribution, and acted as the Managing General Partner. Aztec Drilling & Operating, LLC, another wholly-owned Aztec subsidiary, served as the Partnership’s drilling contractor and operator.
Aztec raised a total of $19,273,750 under its XI Program, according to Waylan R. Johnson, President, Aztec Oil & Gas, Inc.
Unfortunately for investors in Aztec XI-D Oil & Gas LP, Aztec Energy LLC recently filed for bankruptcy with $500,000 debt.
Due to the high degree of risk associated with oil and gas partnerships, like Aztec XI-D Oil & Gas LP, they are generally more appropriate for sophisticated and institutional investors. Unfortunately, because of the high commissions these products generally pay to brokers, they are often sold to unsophisticated and retired investors.
Brokerage firms have a fiduciary duty to perform adequate due diligence to determine if an investment is appropriate for a particular client given the client’s age, net-worth, financial objectives, investment experiences, financial needs, and risk tolerance. If a brokerage firm makes unsuitable investment recommendations or fails to adequately disclose the risks associated with an investment they may be liable for investment losses.
Recovery of Investment Losses
If you would like to speak with a securities attorney regarding your ability to recover investment losses in Aztec XI-D Oil & Gas LP, please call The White Law Group at 1-888-637-5510 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, please visit our website at www.WhiteSecuritiesLaw.com.