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Our lawyers are investigating Boca Raton, Florida-based Raymond James & Associates, Inc. (CRD# 705) senior vice president Martin L. Waldman (CRD# 4566228), also known as “Skip,” for unsuitable recommendations in oil and gas securities.

Waldman has been in the industry for 13 years and has 6 disclosures on his FINRA BrokerCheck report.  He currently has a FINRA arbitration pending that alleges unauthorized trading and damages in the amount $121,000.

Our lawyers have filed claims against Raymond James for oil and gas losses for investors who have collectively lost thousands of dollars investing in risky, unsuitable oil and gas securities.  In those instances, the investor lost much of the initial investment after a Raymond James broker unsuitably recommended and overconcentrated the investor’s funds in the oil, gas, and energy sector.

SandRidge Energy Inc. (“Sandridge”) emerged from bankruptcy on October 4, 2016, shedding $3.7 billion of debt in its reorganization and trading on the New York Stock Exchange.

Our lawyers have been monitoring the financial state of many oil and gas companies, and the brokerage firms and brokers that underwrote and sold the oil and gas companies’ securities.

Sandridge filed for bankruptcy protection in May 2016, citing high debt and low commodity prices.  Judge David R. Jones last month approved the negotiated reorganization plan after it received “overwhelmning” support from Sandridge’s lenders.

The lawyers at the Silver Law Group, Law Office of David R. Chase and Ciklin Lubitz & O’Connell continue their investigation in Linn Energy, LinnCo, and the brokers and brokerage firms that sold these securities to investors.

Linn Energy and LinnCo are two companies whose investments are structured as master limited partnerships (MLPs).  What was once deemed a promising investment, the two companies have declined drastically.  The master limited partnership (MLP) surpassed $40 per share as recently as late 2012.  Since that time, Linn Energy has dramatically declined and recently declared bankruptcy.

Despite the risky nature of oil, gas, and energy-related securities, many brokers and brokerage firms aggressively sold these investments to their customers, some overconcentrating their customers in the sector.

As of now, it is pure speculation as to what (if any) policies the new administration might offer could serve to impact investor portfolios.  As a recent presidential candidate, Donald Trump has made reference to a market bubble and plenty of commentators have noted that a rise in interest rates could potentially result in a decline in stock values.

During the course of the election night, as a Hillary Clinton loss and a Donald Trump win became closer to reality, the Dow market futures reacted by falling over 600 points.  By early morning Wednesday after election day, the markets not only steadied, but in the first few days following the election the stock market appeared to have a short term rally.

With all of the political commentary in the news, and the stock market reacting the way it did, it was easy to get lost or distracted and many have not noticed that the bond market has been quite volatile.   Longer term bonds have been taking a beating recently.  With predictions of a rising interest rate environment and a possible increase in interest rates by the Federal Reserve, we are likely to see more of the same over the next several weeks.

Silver Law Group, The Law Firm of David R. Chase, and Ciklin, Lubitz & O’Connell have initiated an investigation in unsuitable recommendations and overconcentration in Arch Coal, Inc. (“Arch Coal”).

U.S.-based Arch Coal was the second-largest coal producer in the country as of 2015, with 128 million tons of coal sold in 2015.  Even with that lofty title, plunging oil and energy prices brought the company down.

The company, publicly traded on the New York Stock Exchange at one point but now traded on the OTC Markets, was a hot commodity in trading circles.

Our lawyers are investigating Wedbush Securities Inc. (“Wedbush”) (CRD# 877) broker William “Mark” Heiden (CRD# 2885156) for alleged unsuitable recommendations and overconcentration in various oil and gas investments.

Heiden, based out of Wedbush’s Newport Beach, California office, currently has four disclosures according to his FINRA BrokerCheck report.  According to the report, Heiden’s most recent disclosures are two FINRA arbitration filings, one filed in March 2016 and the other filed in October 2015.  Both are currently pending.

The 2015 FINRA arbitration alleges wrongful, intentional, fraudulent and deceptive activities, including unsuitable and unauthorized trading, falsifying documents, misrepresentation, and omission of material facts.  The FINRA arbitration alleges $1.5 million in damages.  In addition to those allegations, the 2016 FINRA arbitration alleges improper and unauthorized use of margin.  The 2016 FINRA arbitration alleges $200,000 in damages.

Sandridge Energy (“Sandridge”) and Arch Coal (“Arch”) earned court approval to emerge from bankruptcy on September 9 and September 13, 2016, respectively.  Together, Sandridge and Arch were able to shed approximately $9 billion in debt and start anew.  How nice!

If you’re a Sandridge and Arch creditor, how does that sit with you?

These companies join 100 other North American oil producers that have filed for bankruptcy protection since early 2015.  The Securities Arbitration and Investment Litigation Lawyers at the Silver Law Group, Law Office of David Chase, LLC and Ciklin Lubitz & O’Connell are currently investigating cases relating to investments in Sandridge and Arch.  Sandridge filed for bankruptcy protection in May 2016, subsequent to Arch’s bankruptcy filing in January 2016.

Silver Law Group, The Law Firm of David R. Chase, P.A., and Ciklin, Lubitz & O’Connell are continuing their investigation in the suitability of recommendations made by numerous financial advisors and brokerage firms to purchase risky oil and gas securities.

The price of oil has historically been volatile, risky, and difficult to predict. In turn, securities reliant on the commodity’s favorable pricing are highly risky and prone to huge swings in value depending on the price of oil. Such risky investments include but are not limited to:

• Master Limited Partnerships (MLPs)

Our lawyers have filed a FINRA arbitration claim against Raymond James on behalf of an aggrieved investor who lost thousands of dollars investing in risky oil and gas securities.

In order to handle the numerous claims of aggrieved investors who lost money in the risky oil and gas market, Silver Law Group has teamed up with attorneys at The Law Firm of David R. Chase, P.A. and Ciklin, Lubitz & O’Connell. The firms combined experience and resources will better-assist in producing the best possible outcomes for our clients.

Our client lost much of their investment after a Raymond James broker unsuitably recommended and overconcentrated our client’s funds in oil and gas securities.

Recent articles and reports reveal 90 companies with over $66.5 billion in total debt have defaulted on bonds issued to investors just like you. Some of these companies include well-known companies such as Linn Energy, Linn Co., Alpha Natural Resources, Arch Coal, Sandridge Energy and many others that were highly touted by large Wall Street firms just a few years ago.

In an article published earlier today in USA Today, there is a report that corporate bond defaults in the United States are expected to increase with a 30% jump predicted in bond defaults in the year to come.

Although this is not quite on par with the widespread losses incurred by investors in 2008-2009 during the financial crisis the investors who are experiencing these losses are no less impacted when it results in lost principal and it negatively impacts their financial security.

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