Posts tagged ‘oil and gas fraud lawyer’
Recovery of Ridgewood Energy Fund Losses
Have you suffered substantial losses in your investment with Ridgewood Energy Fund? If so, the securities fraud attorneys at The White Law group may be able to help you recover your losses through FINRA arbitration.
Ridgewood Energy is a private equity firm headquartered in Ridgewood, New Jersey. According to their website the company has over 30 years experience investing in the oil and gas industry. Through their Funds, Ridgewood invests in major oil and gas projects, with particular focus on deepwater oil assets located in the U.S. waters of the Gulf of Mexico.
The company’s website also states that Ridgewood was “founded to meet specific sector objectives of institutional and high net worth investors.” Unfortunately for investors, though, some brokerage firms have sold Ridgewood Funds to unsophisticated investors.
Broker-dealers and investment advisors are required by the Financial Industry Regulatory Authority (FINRA) to demonstrate sufficient due diligence on any particular investment offering. Brokerage firms are also required to only recommend investments that are suitable for their clients. Suitability is determined by such factors as age, financial situation, liquidity needs, other ventures, risk tolerance, and investment experience.
Oil and gas partnerships are typically offered as private placements. Though returns can be exceedingly large, oil and gas partnerships are speculative ventures and investors must be able to afford the total loss of their investment. In addition, private placements like Ridgewood Energy Funds are typically illiquid, hard to resell, and often have a long holding period.
According to SEC filings the Ridgewood Energy K Fund and M Fund have been terminated as of October 2012. In a letter to Ridgewood M Fund investors, Ridgewood expressed their disappointment in the performance of the fund and contributed its poor performance to dry-holes in 3 of the 5 wells drilled, among other factors. The letter as noted that the 2 wells which found gas failed to meet expectations. The K Fund appears to have encountered similar performance issues. According to form K-8, half of the 14 wells drilled in the K Fund were dry-holes. Clearly, these investments did not pan out the way investors had hoped.
This is not the first time Ridgewood Energy Fund investors have received troubling news. As mentioned in our earlier post, letters sent out to investors in Funds O, Q, S, T, V, and W announced that Ridgewood was forced to seek outside financing due to the cost of oil exploration.
Brokerage-firms and investment advisors who sell private placements intended for sophisticated investors, like Ridgewood Energy Funds, to individuals who are not suitable can be held accountable for loses suffered through FINRA arbitration.
The White Law Group is investigating the sale practices of the following Ridgewood Energy Funds:
- Ridgewood Energy I Fund
- Ridgewood Energy J Fund
- Ridgewood Energy K Fund
- Ridgewood Energy L Fund
- Ridgewood Energy M Fund
- Ridgewood Energy N Fund
- Ridgewood Energy O Fund
- Ridgewood Energy P Fund
- Ridgewood Energy Q Fund
- Ridgewood Energy R Fund
- Ridgewood Energy S Fund
- Ridgewood Energy T Fund
- Ridgewood Energy U Fund
- Ridgewood Energy V Fund
- Ridgewood Energy W Fund
- Ridgewood Energy X Fund
- Ridgewood Energy Y Fund
- Ridgewood Energy Z Fund
If you have suffered losses and would like to learn more about your legal options against the broker-dealer that sold you a Ridgewood Energy Fund investment, please contact the securities attorneys of The White Law Group at 312-238-9650 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 Boca Raton, Florida.
For more information on The White Law Group, visit http://www.whitesecuritieslaw.com.
Update on Securities Fraud Investigation into Mewbourne Oil Investments
The White Law Group continues to look into potential FINRA arbitration claims involving Mewbourne Oil and Mewbourne Energy Partners.
Mewbourne Holdings Inc is the parent company of both Mewbourne Development Corporation and Mewbourne Oil Company. According to their website, Mewbourne Oil is an independent oil and gas producer established in 1965.
Mewbourne Oil, based in Tyler, Texas, is the acting general partner for multiple Mewbourne Energy Partners general and limited partnerships offerings. Based on online reports, it appears that in 2007 Mewbourne Energy began offering private placements to raise capital.
Oil and gas private placements are high-risk investments, and often more complex than traditional investments. FINRA registered broker-dealers are obligated to make recommendations to clients that are consistent with the clients’ risk tolerance, investment objectives, and financial situation.
However, private placements (like limited partnership oil and gas offerings) are sold with less regulation and oversight than other investments. and are not always required to register with the Securities and Exchange Commission.
Private placements (like the limited partnership oil and gas offerings offered by Mewbourne), in most cases, are suitable only for sophisticated investors with a high net worth. These types of securities lack liquidity and investors in these investments must be able to risk total loss of their investment.
In addition to the high risk and lack of oversight, private placements often offer extremely high commission fees to the broker-dealer. According to the Mewbourne Energy Partners 07-A form S-1, the broker-dealer that sells this offering will earn an estimated 8% in commission. Such high commission rates often result in the unscrupulous broker-dealers pushing these types of investments onto clients regardless of whether the investment is suitable for them in light of their specific investment experience and objectives.
The White Law Group is investigating potential FINRA arbitration claims involving the following Mewbourne investments (among others):
Mewbourne Energy Partners 06-A LP
Mewbourne Energy Partners 07-A LP
Mewbourne Energy Partners 08-A LP
Mewbourne Energy Partners 09-A LP
Mewbourne Energy Partners 10-A LP
Mewbourne Energy Partners 11-A LP
Mewbourne Energy Partners 12-A LP
If you have suffered losses in a Mewbourne Energy Partners or Mewbourne Oil investment and would like to discuss your litigation options, please call the securities attorneys of The White Law Group at 312-238-9650 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 Boca Raton, Florida.
To learn more about The White Law Group, visit http://www.whitesecuritieslaw.com
Recovery of Atlas Resource Investment Losses
Are you concerned about your limited partnership investment in Atlas Resource Partners or Atlas Energy, formally Atlas America, Inc? If so, the securities attorneys of The White Law group may be able to help you recover your losses through FINRA arbitration.
Atlas America, Inc is an energy company involved in the development, production and transportation of natural gas and oil in the Appalachian Basin. The company is headquartered in Pittsburg, Pennsylvania.
According to Atlas Resources Partners, L.P.’s website in 2004 “Atlas America, Inc. spun off from its parent, Resource America, Inc., in an initial public offering, owning the E&P operations in Appalachia, the syndication business and interests in Atlas Pipeline Partners, LP.”
Atlas America, Inc, along with their E&P operations in Appalachia and syndication businesses, has been acquired by Atlas Energy Resources, LLC (formally Atlas Resources Inc). Atlas Energy, Inc formed in 2009 by the Merger of Atlas America and Atlas Energy Resources, formally Atlas Resource Inc).
Investments in natural gas and oil, like those offered by Atlas Energy, are extremely risky, lack liquidity, and are not appropriate for many individuals. An appropriate investor should be knowledgeable of the industry and must be able to afford total loss of their investment.
Brokerage firms and financial advisors have a fiduciary duty to their clients to educate and disclose all the risks of the investment. They must also perform adequate due diligence prior to making recommendations to ensure that the investment is appropriate for the investor given their specific age, risk tolerance, and financial objectives.
The White Law Group is currently investigating potential FINRA arbitration claims involving the following Atlas investments:
- Atlas America Public #9 Ltd,
- Atlas America Public #10 Ltd,
- Atlas America Public #11-2002 Limited Partnership,
- Atlas America Public #12-2003 Limited Partnership,
- Atlas America Public #14-2004 LP,
- Atlas America Public 14-2005(A) LP,
- Atlas America Public #15-2005(A) LP,
- Atlas America Public #15-2006(B) LP,
- Atlas America Public #16-2007(A) LP,
- Atlas America Public #17-2007(A) LP,
- Atlas America Public #17-2008(B) LP,
- Atlas America Public #18-2008 (A) LP,
- Atlas America Public#18-2009(B) LP,
- Atlas America Public #18-2009(C) LP,
- Atlas America Series 21-A LTD,
- Atlas America Series 25-2004 (A) LP,
- Atlas America Series 25-2004 (B) LP,
- Atlas America Series 26-2005 LP,
- Atlas America Series 27-2006 LP,
- Atlas Resources Series 28-2010 LP,
- Atlas Resources Series 30-2011 LP,
- Atlas Resources Series 30-2011 LP,
- Atlas Resources Series 31-2011 LP
If you have concerns about your investment in Atlas Energy, Inc and would like to determine whether FINRA arbitration claim may recover your investment losses, 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 fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Boca Raton, Florida.
For more information on The White Law Group, visit http://www.whitesecuritieslaw.com.
Recovery of Reef Oil and Gas Income and Development Fund III Losses
Have you suffered losses in the Reef Oil and Gas Income and Development Fund III? If so, The White Law Group may be able to help you recover those losses through a FINRA arbitration claim against the broker-dealer that recommended that you purchase the investment.
It appears that the Reef Oil and Gas Income and Development Fund III is comprised of assets in two projects, the Slaughter Dean water flood project in West Texas and the Azalea Properties, which are interests in approximately 1,000 wells that are primarily natural gas producing wells.
Investors in the Reef Oil and Gas Income and Development Fund III were recently notified that the Slaughter Dean project has greatly underperformed and has not met expectations.
Investors were further advised that it has become apparent the water flooding that was done on that project has not yet worked as designed, and that if the results do not improve the fund may have to liquidate the wells and leases on the project.
Obviously this is not good news for Reef Oil and Gas Income and Development Fund III investors.
The White Law Group continues to investigate potential FINRA arbitration claims involving Reef Oil and Gas Investments. 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 and to 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 now known about Reef Oil and Gas Income and Development Fund III, it appears that the brokerage firms that sold this product failed to assess the risk of this investment and in many cases sold these investments to investors unsuitably.
If you invested in the Reef Oil and Gas Income and Development Fund III and would like to discuss your litigation options, please call the securities attorneys of The White Law Group at 312/238-9650 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 Boca Raton, Florida.
For more information on The White Law Group, visit http://www.whitesecuritieslaw.com.
Recovery of Layton Energy Wharton, LP Investment Losses
Have you suffered investment losses in a Layton Energy Wharton, LP investment? If so, The White Law Group may be able to help you recover your losses through FINRA arbitration.
Layton Energy Wharton is a Texas based energy company offering various private placement investments, including Layton Energy Wharton, LP. According to its SEC filing, Layton Energy Wharton, LP was launched in 2007 to acquire interests in oil and gas deals and the company set out to raise $10,000,000 for that purpose.
The White Law Group is investigating potential securities fraud claims against the broker-dealers that recommended these offerings.
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 and to 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 now known about Layton Energy Wharton, LP investments, it appears that the brokerage firms that sold the investments failed to assess the risk and in many cases sold these investments to investors unsuitably.
To determine whether you may be able to recover investment losses incurred as a result of your purchase of a Layton Energy Wharton, LP investment, please contact The White Law Group at 312-238-9650 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 Boca Raton, Florida.
For more information on The White Law Group, visit http://www.whitesecuritieslaw.com.