Articles Tagged with energy investments

According to records with the Financial Industry Regulatory Authority (FINRA), Jeffrey Wilson, a broker with Wells Fargo in Las Cruces, New Mexico, has been accused of making unsuitable investment advice concerning various investment products including energy stocks that likely include master limited partnerships (MLPs). In or around August 2014, according to BrokerCheck records with FINRA, Mr. Wilson recommended the purchase of unsuitable energy securities, and, in May 2016, allegedly made unsuitable investments in oil and energy investments. Oil, gas and energy investments are not suitable for every investor. Since the price of oil has dropped over the past few years, investors have lost money in these investments, which tend to be risky ones in general. Wells Fargo has a responsibility to reasonably supervise its brokers to make sure that they do not violate securities laws. If the bank fails to do so, it may be liable for losses on a contingency fee basis in the FINRA arbitration forum.

Jeffrey Randolph Wilson was previously registered with New York Life Securities Corp from October 1983 until August 1985, Merrill Lynch in Las Cruces, New Mexico from September 1985 until October 2007, Morgan Stanley in Las Cruces from October 2007 until June 2009 and Morgan Stanley in Las Cruces from June 2009 until June 2014. He is currently registered with Wells Fargo in Las Cruces, and has been since May 2014. He has four customer disputes against him, alleging excessive trading, unsuitable investments, unsuitable investments in oil and gas securities, and excessive risk, among other things. One of the customer disputes is currently pending. This is according to his online, public BrokerCheck report.

AdobeStock_17723177-1-300x175George C. Merhoff, a Cetera Advisors broker in Klamath Falls, Oregon, allegedly recommended numerous oil and gas and energy investments which were high-risk and illiquid. These included Linn Energy, Pengrowth Energy, and Amerigas Partners. Merhoff also allegedly recommended illiquid alternative investments including Cypress Income Funds and ICON 12, when he was registered with Pacific West Securities. Merhoff also allegedly made a number of unsuitable investment recommendations to a client, and he and Cetera had previously been the subject of of a regulatory action by the Oregon Division of Financial Regulation, which alleged that Merhoff inappropriately concentrated his clients’ investments in oil and energy stocks. Oil and gas and energy investments tend to be risky and illiquid ones, that are not suitable for all investors, since the price of oil and significantly declined. A broker must take into account a customer’s age, net worth, investment objectives and risk, as well as sophistication. If he does not, his brokerage firm may be responsible for losses on a contingency fee basis.
According to public record, Merhoff was registered with AAG Securities in Cincinnati, Ohio from September 1997 until March 1998, and Pacific West Securities in Klamath Falls, Oregon from June 1998 until February 2012. He is currently registered with Cetera Advisors in Klamath Falls and Monroe, Oregon, and has been since February 2012. He has two criminal final dispositions against him and has 14 customer disputes against him, 10 of which are currently pending. Please call our Chicago and Barrington, Illinois-based securities law firm at 312-332-4200 for a no-cost, no-obligation consultation with one of our attorneys. We take cases on a contingency fee basis only.

AdobeStock_9577728-1-300x200Were you sold unsuitable energy investments by Michael Fitzgerald, a Morgan Stanley broker? If so, there may be legal recourse you can take against the firm in the Financial Industry Regulatory Authority (FINRA) forum. Fitzgerald allegedly recommended unsuitable energy investments, did not sufficiently diversity a portfolio, breached fiduciary duty and failed to disclose various risks. All of these are against securities rules and regulations. Energy investments in particular can be very risky and illiquid investments that are not suitable for all investors. A broker has an ironclad obligation to only recommend and sell those securities that are suitable for an investor by taking into account his age, net worth, investment objectives and investment sophistication. If he does not, his brokerage firm may be liable for losses. Please call 312-332-4200 for a no-cost, no-obligation consultation with an attorney today if you suffered losses. Morgan Stanley may be liable for your investment losses by allowing Michael Fitzgerald to recommend unsuitable energy investments, among other transgressions.

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