Raymond James Senior Vice President Under Investigation for Unsuitable Recommendations in Oil and Gas Securities

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.

Additionally, Raymond James helped create a market and was underwriter for some of the biggest oil and gas companies which have recently failed.  This includes Linn Energy, LLC; LinnCo, LLC; and EV Energy Partners LP.

At one point, Linn Energy surpassed $40 per share in late 2012.  In May 2016, Linn Energy filed for chapter 11 bankruptcy protection.

For the last five years, Kevin Smith, Raymond James analyst and current senior vice president of the Houston, Texas branch, 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.”

Smith continues to become more bullish on oil and gas securities and master limited partnerships (“MLPs”), according to Barron’s, despite the rollercoaster the oil commodity has been on over the past few years.  This is also despite other reputable analysts, such as Citigroup Global Markets Inc. (CRD# 7059), remaining cautious.

MLPs and other oil, gas, and energy related investments are risky, and many brokers and broker-dealers unsuitably recommended these investments to customers, not conducting enough due diligence on the securities and neglecting their risky nature.  Often times, brokers and broker-dealers overconcentrated their customers in these securities.  FINRA arbitration presents a fast, efficient way to recover lost investment funds.

Our lawyers have litigated hundreds of cases through FINRA arbitration and won millions of dollars on behalf of aggrieved investors.  Our lawyers represent investors nationwide in securities cases and FINRA arbitration to recover investment losses.  There is no fee unless we recover money for you.

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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