Maria Hendershott (CRD #818681), Texas-based Raymond James & Associates broker, has pending customer disputes.

crash-1554031-300x225Maria Hendershott has been registered with Raymond James & Associates since 2006. She is a registered broker and investment adviser with 24 states in the U.S.

According to her BrokerCheck report, she has received three customer arbitration claims and one pending customer FINRA arbitration claim.

Former UBS Financial Services Inc. financial advisor William Paynter Jr. (CRD #2835535) has allegedly made for customers unsuitable investments in the high risk oil and gas sector. Paynter has been registered with the Wells Fargo Clearing Services, LLC in Arizona since April 2017. From 2014 to 2017 he was registered with UBS Financial Services Inc., and from 2011 to 2014 he was registered with Morgan Stanley.

The Risks of Investing in Master Limited Partnerships in the Energy Industry on oilgasinvestmentfraudlawyer.comA report states that an elderly couple and former client of Paynter filed a $500,000 FINRA arbitration claim against UBS for unsuitable investments and overconcentration in the high risk oil and gas sector. Paynter made these investments even though the couple told him about their conservative investment objectives, as they wanted a modest income to last them throughout their retirement. The complaint states that Paynter did not ensure a stop loss was in place, and his clients lost a significant amount of money. Paynter also allegedly recommended that the couple invest in a number of other oil and gas companies, which were unsuitable recommendations.

During the time period in question, Paynter was employed by Morgan Stanley and then UBS Financial. Morgan Stanley has settled their part of the case for $35,000. UBS Financial settled their part of the case for $130,000.

Our law firms continue to investigate former The Villages, Florida-based Morgan Stanley broker Andrew T. Yocum (CRD# 4590723)  for over 36 BrokerCheck disclosures, most of which relate to the unsuitable recommendation and/or overconcentration of risky oil and gas investments.

Andrew T. Yocum’s FINRA BrokerCheck Report

Our attorneys have previously been investigating Andrew T. Yocum.

Our law firms continue our investigation into David B. White (CRD# 1382131) and his business David B. White Financial, Inc.  White and David B. White Financial operate under Centaurus Financial, Inc.

Another Customer Files a FINRA Arbitration Against David B. White

Our oil and gas securities attorneys have recently written and been monitoring White and David B. White Financial. Another customer has filed a securities arbitration complaint against White. According to White’s most recent complaint, filed in June 2017, the customer alleges that White sold unsuitable investments and also rushed them into signing a settlement. Now, according to the complaint, the customer believes the settlement was not in their best interest.

FINRA issued an award in the arbitration between claimants Joseph R. Ritz, Susan F. Ritz and respondents Morgan Stanley Smith Barney LLC (#CRD 149777) and Charles Alan Correal (CRD# 1366202).

According to the award documentation, the claimants asserted claims for breach of fiduciary duty, violations of the Pennsylvania Unfair Trade Practices and Consumer Protection Law, suitability, professional negligence, breach of contract and breach of the duty of good faith and fair dealing, failure to supervise  and vicarious liability by Morgan Stanley Smith Barney and Charles Alan Correal.

The claimants allege that respondents invested their funds in risky and unsuitable energy stocks, including Seadrill, Ltd., Copano Energy LLC, and Interoil.

Our attorneys are investigating former Maryland-based RBC Capital Markets, LLC (CRD# 31194) broker John S. Simpson (CRD# 719367) after multiple complaints alleging securities violations concerning the energy, oil and gas sector were settled.

According to Simpson’s FINRA BrokerCheck report, FINRA barred Simpson in December 2016 after he failed to respond to a FINRA inquiry.  The inquiry and bar follow a string of settlements and a discharge from RBC Capital Markets.

RBC Capital Markets discharged Simpson in January 2016 after Simpson allegedly made discretionary transactions in client accounts.  Following RBC Capital Markets’ discharge, five (5) FINRA arbitration complaints were settled against Simpson.  Most of the settlements alleged unauthorized trading.

Rising oil prices apparently are not enough to save the once-promising master limited partnership (“MLP”) Seadrill Limited.  Seadrill stock plummeted, going down 54% on April 4, 2017 as the company announced that it will likely file for bankruptcy.

The most ominous news from Seadrill was its warning to investors of its substantial debt load and its expectation that shareholders are “likely to receive minimal recovery for their existing shares.”

Seadrill, as many oil and gas companies, has seen its value drop dramatically over the last three (3) years.  But the company was once highly-valued by Wall Street, with a market capitalization of $23.7 billion as recently as 2013.  Today, the company has dropped approximately 98% in value and sits at a market capitalization of just under $400 million.

A FINRA arbitration panel held Wunderlich Securities (CRD# 2543) and Ralph E. DeRose (CRD# 721488) liable for over $1 million in damages to a customer alleging securities misconduct related to energy investments on April 25, 2017.

According to the Award, Wunderlich’s and DeRose’s customers alleged that DeRose failed to sell holdings in their accounts at their request and overconcentrated their accounts in unspecified energy holdings.

DeRose is based out of Wunderlich’s Beachwood, Ohio branch.  Wunderlich has employed DeRose since October 2010.

With the oil and gas industry and Wall Street, public sentiment changes quickly.  After over 100 oil- and gas-related companies declared bankruptcy over the past two years, financial analysts are jumping back on the bandwagons of some of the companies emerging from bankruptcy.

A recent Barron’s article profiles six of these oil and gas companies that have come out of bankruptcy since last summer as value purchases.  These companies are Linn Energy, Ultra Petroleum, SandRidge Energy, Halcon Resources, Midstates Petroleum and Goodrich Petroleum.

Barron’s was a consistent critic of the old Linn Energy.  Now, Barron’s says the post-bankruptcy Linn Energy is much different and aims to be a growth-oriented exploration and production company rather than a yield play.  Similarly, an analyst in the report states you can buy the SandRidge stock for less than the value of its proven reserves.  However, prior shareholders received little or nothing in these new companies.

Our attorneys are investigating potential legal claims against Las Cruces, New Mexico-based Wells Fargo Clearing Services, LLC (CRD# 19616) broker Jeffrey R. Wilson (CRD# 1161819) concerning allegations that Wilson unsuitably recommended Wells Fargo customers to invest in oil, gas and energy investments.

Wilson’s FINRA BrokerCheck report reflects three customer complaints, all of which involve allegations of unsuitable investments.

In a customer complaint to Wells Fargo concerning Wilson, the investor alleged unsuitable energy and other investments.  Wells Fargo paid $250,000.00 to resolve the complaint.

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