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Articles Tagged with Raymond James

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.

Linn Energy, LLC (LINE) filed for bankruptcy protection in May 2016.  U.S. Bankruptcy Judge David Jones issued an Order today confirming LINE’s chapter 11 bankruptcy restructuring plan.  Our attorneys have previously written on the subject of LINE and continue to update accordingly.

It is believed that under the bankruptcy plan, LINE will be able to shed approximately $4.3 billion of the $6 billion debt it claimed in its May 2016 bankruptcy filing.  The remaining $1.2 billion in debt will be absorbed by Berry Petroleum Co. LLC, a company LINE acquired in 2013, which will now become a separate entity.

Both LINE and Berry Petroleum are expected to emerge from bankruptcy and business will continue as usual, leaving many investors in a lurch and in many respects “holding the bag.”  The Securities Arbitration and Investment Litigation Lawyers at the Silver Law Group, The Law Office of David Chase, LLC and Ciklin Lubitz & O’Connell (www.oilgasfinraarbitration.com) continue to investigate and have matters pending against firms/broker that underwrote, sold and recommended LINE to investor customers.

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.

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.

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.

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