Articles Tagged with LinnCo

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.

Linn Energy exited its chapter 11 bankruptcy leaving many shareholders with nothing but a worthless piece of paper.

Linn Energy is an oil and gas master limited partnership (“MLP”) founded in 2003.  The company went public just three (3) years later in 2006, raising approximately $261 million.

Linn Energy was once the darling of the oil and gas industry, reaching peaks of $40 per share in late 2012.  The company went on an acquisition spree, including Berry Petroleum for $4.3 billion at the height of the oil boom in 2013.  Unfortunately, the oil boom didn’t last, and the debt Linn Energy took on was too large to support when the price of oil began to plunge in June 2014.

A FINRA arbitration panel ordered Raymond James Financial Services, Inc. (CRD# 6694), Inc. to pay back its customer for investments losses in Linn Energy LLC in March 2017.

The claimant in the FINRA arbitration alleged the investment in Linn Energy was unsuitable and, among other claims, Raymond James failed to supervise its broker, John S. MacGowan (CRD# 315901).

MacGowan is based out of Raymond James’ New York, New York branch and has been employed by Raymond James since 1999.

Contact Information