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Articles Tagged with Wells Fargo

Our attorneys are investigating potential legal claims against Las Cruces, New Mexico-based Wells Fargo Clearing Services, LLC (CRD# 19616) broker Jeffrey R. Wilson (CRD# 1161819) concerning allegations that Wilson unsuitably recommended Wells Fargo customers to invest in oil, gas and energy investments.

Wilson’s FINRA BrokerCheck report reflects three customer complaints, all of which involve allegations of unsuitable investments.

In a customer complaint to Wells Fargo concerning Wilson, the investor alleged unsuitable energy and other investments.  Wells Fargo paid $250,000.00 to resolve the complaint.

According to PLS, Inc., a Houston-based oil and gas research firm, the oil and gas industry raised quite a bit of money in 2016 despite featuring almost 115 bankruptcies over the last two (2) years.

PLS compiled data reviewing the capital markets activity for 2016 according to a news release.  Some of the more notable figures included the $186 billion the oil and gas industry raised through U.S. public offerings across 346 bond and equity deals.  The $186 billion raised was actually $10 billion less than what was raised in 2015, according to PLS.

According to PLS, banks obtained an aggregate of $2.3 billion in fees on the money raised in 2016.  PLS also listed the top-10 banks for U.S. energy equity deals in 2016.  Among others, notable inclusions in that list were Morgan Stanley, Barclays, Credit Suisse, RBC Capital Markets, Citigroup, and Wells Fargo.

Our attorneys are investigating claims against Las Cruces, New Mexico-based Wells Fargo Clearing Services, LLC (CRD# 19616) broker Jeffrey (Jeff) R. Wilson (CRD# 1161819) over allegations that Wilson unsuitably recommended Wells Fargo customers to invest in oil, gas and energy investments.

Las Cruces, New Mexico Broker Jeff Wilson

According to Wilson’s FINRA BrokerCheck report, Jeff Wilson has three (3) disclosures, all of which feature aggrieved investors recovering some of their investment losses.

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.

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 are investigating oil and gas securities fraud claims against Wells Fargo broker John B. Leonard (CRD# 2113842).

According to Leonard’s Financial Industry Regulatory Authority (“FINRA”) BrokerCheck report, his 25 years in the securities industry has been relatively clean.  But in the past three months, two customers have filed FINRA arbitration complaints against him, alleging unsuitable recommendations in the oil and gas industry totaling close to $300,000.  The two complaints are currently pending.

While many brokers and brokerage firms have unsuitably recommended oil and gas securities, Wells Fargo has been accumulating many complaints recently.  Our firms have previously investigated Irvine, California Wells Fargo brokers Charles B. Lynch Jr. (CRD# 3004877) and Charles H. Frieda (CRD# 5502319).  The brokers have a combined 60 misconduct disclosures on their FINRA BrokerCheck reports, all but two coming in the last two years and a significant majority alleging unsuitable recommendations and overconcentration in the oil and gas industry.

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