Silver Law Group is investigating customer complaints against Ameriprise Financial Services advisor Tom G. Parks (“Parks”) located in Stephenville, Texas. There are five customer complaints pending against Parks alleging a number of securities law violations, including unsuitable investment recommendations, misrepresentations, breach of contract, fraud, negligence, and breach of fiduciary duty. The Miami Herald recently profiled Mr. Parks in an article titled “Promised Fat Payouts, Those Who Bet on Oil Lost Billions”.
All of the disputes were initiated in 2015, ranging from March to October, and deal mostly with unsuitable recommendations regarding variable annuities and energy, oil and gas securities and funds. The damages for the pending claims, one of which is for unspecified damages, total several million dollars.
Energy stocks and high-yield bonds from oil and gas companies have suffered large losses after the collapse of oil prices. Many investors were encouraged to invest in energy stocks, master limited partnerships (MLPs) or oil and gas offerings as a conservative way to enjoy growth and income, even though the price of oil is historically volatile, making many of these investments risky and speculative and unsuitable for conservative investors. Even the U.S. Securities and Exchange Commission has issued an investor alert to educate investors about potentially fraudulent activities regarding the oil and gas securities.
Silver Law Group and the Law Firm of David R. Chase, PA, focus their practice on the representation of investment fraud victims in claims against securities brokerage firms. Scott L. Silver, managing partner of the Silver Law Group, has devoted his legal career to representing aggrieved investors. David R. Chase, principal of the Law Firm of David R. Chase, PA., is a former SEC Prosecutor.
Our lawyers have collectively represented hundreds of investors in FINRA or securities arbitration claims and recovered millions of dollars from large and regional brokerage firms.
For more information about the firms, their lawyers and their oil and gas investment practice area, please visit the firms’ oil and gas investment website at: www.oilgasfinraarbitration.com. You can also visit the firms’ respective websites at:www.silverlaw.com (Silver Law Group) or www.davidchaselaw.com (Law Firm of David R. Chase, PA). You may contact toll free either Mr. Silver at:(800) 975-4345 or Mr. Chase at: (800) 760-0912 for a confidential, no cost consultation on the potential for recovery of your investment losses. Our attorneys represent clients nationwide in securities cases to recover investment losses.