Have you suffered losses investing in a Saratoga Resources? If so, the securities attorneys of The White Law Group may be able to help you recover your losses in a FINRA arbitration claim against the brokerage firm that recommended the investment.
Saratoga Resources, Inc. is an independent exploration and production company with headquarters in Houston, Texas. According to their website, the company’s principal holdings cover 51,582 gross/net acres located in the transitional coastline of south Louisiana and in the shallow Gulf of Mexico Shelf.”
The prolonged decline in energy prices has led to a number of bankruptcy this year. In June, Saratoga Resources filed for chapter 11 bankruptcy.
This is not the first time Saratoga has sought to restructure their debt. According to Houston Business Journal, “Saratoga also exited bankruptcy in 2010.”
Oil and gas investments are generally speculative and high risk ventures. These types of investments are often better suited for sophisticated and institutional investors that can afford total loss of their investment. Even bonds in the oil and gas industry, which many investors think of as “safe,” are not without risk.
Brokers have a responsibility to disclose the risk associated with investment recommendations. In addition recommendations should be consistent with the client’s objectives, investment experience, net worth and risk tolerance. Unfortunately some brokers fail to put their clients best interest first and make unsuitable investment recommendations.
When brokers make unsuitable investment recommendations they may be liable for investment losses. To determine whether you may be able to recover investment losses incurred in Saratoga Resources please contact The White Law Group at 312-238-9650.