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Articles Tagged with Breitburn Energy Partners

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.

A retired investor recovered over $20,000 in February 2017 in a FINRA arbitration involving the sale of Breitburn Energy Partners LP (“Breitburn”).

According to the FINRA award, the retiree alleged unsuitability, failure to supervise and breach of fiduciary duty among other claims.  The award was against Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD# 7691).

Breitburn is a publicly-traded, independent oil and gas master limited partnership (“MLP”).  Breitburn filed chapter 11 bankruptcy in May 2016 due to low oil prices.  Breitburn is one of many oil and gas companies that have declared bankruptcy in the last two years.

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