Posts tagged ‘oil and gas partnership fraud’

Recovery of Atlas Energy L.P. Investment Losses

Have you suffered investment losses in an Atlas Energy limited partnership investment? If so, The White Law Group may be able to help.

The White Law Group is investigating potential securities fraud claims on behalf of investors who purchased risky oil and gas partnership investments, including Atlas Energy L.P, through their financial professional or brokerage firm.

According to its website, Atlas Energy, L.P. owns the general partner of Atlas Pipeline Partners, L.P., a midstream energy service provider that gathers and processes natural gas in the Mid-Continent region of the United States. Atlas Energy also sponsors tax-advantaged direct investment natural gas and oil partnerships through several Atlas entities.

We have spoken to investors in various series of Atlas Energy limited partnerships, including Atlas Energy 23 and 24, and it appears that certain of these partnerships have declined precipitously in value.

Brokerage firms have a fiduciary duty to only recommend investments that are appropriate for its client in light of the client’s age, investment experience, net worth, and investment objectives.  Investments in oil and gas partnerships are speculative and complex and only suitable for sophisticated investors.  Notwithstanding the risks and complexities of oil and gas partnerships, it appears that certain brokerage firms sold Atlas Energy limited partnerships to unsophisticated investors that should not have been placed in these investments.

These individuals may be entitled to recover their investment losses in a FINRA arbitration claim against the financial professional or brokerage firm that solicited the investment.

To determine whether you may be able to recover investment losses incurred as a result of your purchase of an Atlas Energy limited partnership investment, please contact The White Law Group at 312-238-9650.

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.

LPL Financial Fined for Failure to Supervise Former Broker Jack Kleck

According to the investmentnews.com Oregon regulators in charge of securities have fined LPL Financial LLC $100,000 “for failing to supervise a broker that sold high-risk oil and gas partnerships to clients, including many who are elderly.” The former LPL Financial representative, Jack Kleck, reportedly sold “nearly 3 dozen” oil and gas partnerships to clients which regulators said were investments that were not “suitable for the clients, given their age and investment objectives.”

According to the investmentnews.com Jack Kleck was a broker associated with LPL Financial “from 2000 to 2006, when he voluntarily resigned…” Oregon officials reported that among the clients that he sold investments to was “an 89-year-old client who Mr. Kleck described as “mentally lost” and “confused.” It has been reported that many of Kleck’s clients were over 70 and that “…some were not capable, due to poor health, of making sound investment decisions…”

For their part, LPL Financial has been accused of violating “several securities laws, including failing to supervise the actions of Mr. Kleck and failing to ensure that company policies and procedures were enforced.” Monitoring and regulating independent brokers, like LPL’s roughly 12,800 representatives, has been a growing concern for regulators and brokerage firms alike. Oregon regulators did note that LPL “has taken numerous steps to improve its compliance and supervisory practices.”

If you are concerned about investments you made with John Kleck, LPL Financial or another FINRA registered brokerage firm and would like to speak to a securities attorney about your potential to recover investment losses please contact our Chicago office at 312-238-9650.

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, please visit our website at http://www.whitesecuritieslaw.com.

Recovery of Ridgewood Energy Fund Losses

Have you suffered investment losses in Ridgewood Energy Fund? The White Law Group may be able to help.

The White Law Group is investigating potential securities fraud claims on behalf of investors involving risky oil and gas and energy investments, including Ridgewood Energy Funds.  Specifically, the firm is looking at whether the brokerage firms that recommended such investments breached their fiduciary duty to their clients in doing so.

Oil and gas and energy investments are often complex and risky investments.  Brokerage firms have a fiduciary duty to research such investments prior to recommending them for sale to their clients to determine whether the investments are appropriate for the clients given the clients age, investment experience and tolerance for risk.

Oil and gas and energy investments typically pay a high commission – which often explains the stockbroker’s motivation in recommending the investment to the investor).  We are currently representing many clients who have suffered losses in Ridgewood Energy Funds and other oil and gas and energy investments and it does not appear that the brokerage firms in these cases fulfilled their fiduciary duty to our clients.

To determine whether you may be able to recover investment losses incurred as a result of your purchase of a risky oil and gas or energy investment, please contact The White Law Group at 312-238-9650.

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.

Recovery of Waveland Oil and Gas Investment Losses

Have you suffered investment losses in a Waveland Oil and Gas Investment? The White Law Group may be able to help.

The White Law Group is investigating potential securities fraud claims on behalf of investors involving various broker-dealers’ recommendation that investors purchase risky oil and gas partnerships like Waveland Oil and Gas.

Before recommending an investment, a broker-dealer has a fiduciary duty to adequately disclose the risks involved in the investment and to perform the necessary due diligence to determine whether the investment is suitable for the investor.  It appears that many brokerage firms failed to perform the necessary due diligence with respect to oil and gas partnership investments like Waveland prior to recommending them to their clients.

To determine whether you may be able to recover investment losses incurred as a result of your purchase of a Waveland Oil and Gas partnership, please contact The White Law Group at 312-238-9650.

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. With over 30 years of securities law experience, including experience working at FINRA (f/k/a the NASD) and the SEC, The White Law Group has the expertise to help investors defrauded in securities, investment and financial business transactions.

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