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Articles Tagged with UBS Financial Services

Former UBS Financial Services Inc. financial advisor William Paynter Jr. (CRD #2835535) has allegedly made for customers unsuitable investments in the high risk oil and gas sector. Paynter has been registered with the Wells Fargo Clearing Services, LLC in Arizona since April 2017. From 2014 to 2017 he was registered with UBS Financial Services Inc., and from 2011 to 2014 he was registered with Morgan Stanley.

The Risks of Investing in Master Limited Partnerships in the Energy Industry on oilgasinvestmentfraudlawyer.comA report states that an elderly couple and former client of Paynter filed a $500,000 FINRA arbitration claim against UBS for unsuitable investments and overconcentration in the high risk oil and gas sector. Paynter made these investments even though the couple told him about their conservative investment objectives, as they wanted a modest income to last them throughout their retirement. The complaint states that Paynter did not ensure a stop loss was in place, and his clients lost a significant amount of money. Paynter also allegedly recommended that the couple invest in a number of other oil and gas companies, which were unsuitable recommendations.

During the time period in question, Paynter was employed by Morgan Stanley and then UBS Financial. Morgan Stanley has settled their part of the case for $35,000. UBS Financial settled their part of the case for $130,000.

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.

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