Raymond James Oil and Gas Claims, Linn Energy in Particular, Continue to Surface

Our attorneys continue to see claims against Raymond James for unsuitable recommendations of oil and gas investments, including but not limited to Linn Energy, LinnCo, and Memorial Production Partners.

Raymond James & Associates (CRD# 705) was an underwriter and book-running manager of numerous oil and gas investments when the price of oil was booming.  A list of companies Raymond James served as underwriter and/or market maker includes but is not limited to Linn Energy, LinnCo, Breitburn Energy, Memorial Production Partners, and Martin Midstream Partners.

Linn Energy and its related, publicly-traded entity LinnCo, both of which recently emerged from bankruptcy as private companies, were particularly touted by Raymond James, and our attorneys continue to see customers who were invested heavily in Linn Energy and LinnCo.

Raymond James’ relationship with the Linn entities, as stated earlier, helped create a market for various Linn public offerings.  This includes LinnCo’s initial public offering in 2012, Linn Energy’s initial public offering in 2006, and an additional public offering of Linn Energy in 2015.

Further, Raymond James frequently produced favorable analyses involving Linn Energy and LinnCo.  In the recent past, the former senior vice president of the Houston, Texas Raymond James branch, Kevin C. Smith (CRD# 4811916), produced very positive ratings for Linn Energy.

For years, Smith kept a “Strong Buy” rating on Linn Energy despite other analysts’ caution.  After sticking with the gradually-declining company, Smith finally downgraded Linn Energy but only to “Outperform.”

As recently as July 2016, Smith remained bullish on oil and gas investments, according to  Barron’s, despite other brokerage firms that also underwrote other oil and gas investments, such as Citigroup Global Markets Inc. (CRD# 7059), remaining cautious.

Many of Raymond James’ brokers relied on Smith’s ratings, as he was frequently disseminating information on the prospects of various oil and gas companies.  We have written about some of the brokers with allegations of unsuitable recommendations in oil and gas claims, including Raymond James senior vice president of the Boca Raton, Florida branch Martin “Skip” Waldman (CRD# 4566228).

According to Smith’s LinkedIn, Raymond James no longer employs Smith, but his detailed CRD report indicates otherwise.  According to Smith’s LinkedIn, he is now vice president of investor relations for Sanchez Oil & Gas Corporation.

If you have lost money investing in Linn Energy, LinnCo, or any of the aforementioned oil and gas investments with Raymond James, contact our attorneys for information on how you can try to recover your losses through FINRA arbitration.

For more information about the law firms, the lawyers, and our oil and gas investment practice area, please visit our website at  Contact Scott L. Silver at (800) 975-4345 for a free, confidential consultation.

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