April 15, 2019 Comments (0) Blog

Oakdale Wealth Management Advisers | Investigation

Oakdale Wealth Management Advisers Charged, Featured by Top Securities Fraud Attorneys, The White Law Group

MA Regulators Reportedly Charge Oakdale Wealth Advisers with Unsuitable Oil & Gas Investments

Have you suffered losses investing in high risk oil & gas investments with Oakdale Wealth Management?

According to a complaint filed on March 20, 2019, Massachusetts securities regulators have charged James G. Daly and Michael J. O’Keeffe, two investment advisers and their firm, Oakdale Wealth Management, with allegedly unsuitably recommending energy investments to over 250 clients.

Secretary of the Commonwealth, William Galvin reportedly charged Daly of Franklin, Mass., and O’Keeffe of Millis, Mass., with allegedly violating their fiduciary duties to their clients, many of whom were purportedly elderly, by investing them in high risk oil and gas investments.

According to the complaint, Daly, who handled most of the investment advisory business, allegedly over-concentrated nearly every client in energy investments, despite warnings about the potential volatility of the energy sector, and regardless of age, risk tolerance, and net worth.  In several cases, more than 30% of the investor’s portfolio was allegedly made up of energy-related investments, the state’s Securities Division said in the complaint.

O’Keeffe, the firm’s compliance officer, purportedly failed to perform any meaningful review of Daly’s actions, though Oakdale’s policies and procedures stated that the firm would tailor investment decisions based on each client’s risk tolerance, according to the state’s complaint.

The state of Massachusetts is reportedly seeking to have Daly and O’Keeffe fined and censured. Daly could possibly be permanently barred from registration in Massachusetts. Also being sought is the disgorgement of all profits from the alleged wrongdoing and restitution to Massachusetts investors for their losses.

The state of Massachusetts is reportedly seeking to have Daly and O’Keeffe fined and censured. Daly could possibly be permanently barred from registration in Massachusetts. Also being sought is the disgorgement of all profits from the alleged wrongdoing and restitution to Massachusetts investors for their losses.

The complaint further alleges that clients were invested in the following oil and gas investments:

Apache Corporation
CVR Partners L.P.
Calumet Specialty Product Partners, L.P
BreitBurn Energy Partners, L.P.
Arch Coal Inc.
Energy Transfer Partners, L.P
Kinder Morgan Inc.
Navios Maritime Partners L.P.
Linn Energy
Nuveen Diversified Commodity Fund
United States Natural Gas Fund, L.P.
Vanguard Natural Resources, LLC
Seadrill, LTD

Many of these investments are oil and gas master limited partnerships (or MLPs) MLPs are extremely complex and risky, making them better suited for institutional investors or wealthy and sophisticated retail investors.

Financial advisors are required to make suitable investment recommendations, accounting for your age, income, net worth, investment experience, and investment objectives.  Diversification is the key to reducing risk.  As such, over-concentrated exposure to any sector or investment but particularly volatile industries like oil and gas, can be unsuitable for many investors.

If your financial advisor over-concentrated your portfolio high risk oil and gas investments, you may have a viable claim to recover your losses.

Please call The White Law Group at 888-637-5510 for a free consultation with one of our experienced securities attorneys.

The White Law Group is a national securities arbitration, securities fraud, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.  The firm represents investors throughout the country.

For more information on The White Law Group, visit www.whitesecuritieslaw.com.

Click here for your FREE consultation.
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