Lincoln Financial Advisors Lawsuit Alleges Unsuitable Recommendations in High Risk Atlas Oil and Gas Investments
The White Law Group is announcing that it has filed a FINRA Lawsuit against Lincoln Financial Advisors on behalf of two brothers in North Dakota, requesting damages for alleged violation of common law fraud, breach of fiduciary duty, negligence, and negligent supervision.
The Statement of Claim alleges Lincoln Financial Advisors unsuitably invested its clients in Atlas Resources Series 34 –2014 LP, a high risk oil and gas limited partnership.
The claim seeks damages between $100,000.00 and $400,000.00.
According to D. Daxton White, managing partner of The White Law Group, “It is unfortunate, but we believe that many more investors have suffered devastating losses due to the broker-dealer’s failure to supervise and don’t realize they have recovery options.”
“Brokerage firms are required to supervise their advisors to ensure that they are complying with FINRA rules. If it can be determined that Lincoln Financial Advisors violated FINRA rules, it can be held responsible for any resulting losses in a FINRA arbitration claim.”
According to the Statement of Claim, Lincoln Financial Advisors allegedly failed to perform the necessary due diligence on these investments prior to recommending them to these particular investors.
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 Franklin, Tennessee.
The firm has handled more than 600 FINRA arbitration claims alleging claims for unsuitable investment recommendations, conversion, breach of fiduciary duty, selling away, fraud and other issues.