Articles Tagged with LP

AdobeStock_66548440-1-300x169The Securities and Exchange Commission (SEC) filed a civil action charging Matthew Griffin and William Griffin with fraudulently offering two Texas oil and gas partnerships, Payson Petroleum 3 Well 2014. Allegedly, between November 2013 and July 2014, the Griffins conducted a fraudulent offering of interests raising $23 million from 150 investors. This was allegedly for the purpose of developing three oil and gas wells. According to the SEC, the Griffins misled investors about Payson’s participation in the program, as well as other aspects of its compensation. Their offering materials also contained numerous misrepresentations and omissions. These included the fact that Payson would contribute an up-front 20% of the offering amount in the amount of $5.4 million and that it would cover 20% of the cost of the wells, and that Payson would cover any cost overages beyond the estimated $24 million. The SEC found these representations to be false, because Payson paid nothing toward the cost of the wells. The company also lacked the financial means to do so. Payson has raised tens of millions of dollars through the following private placements:

Payson Petroleum, Inc.;

Payson Petroleum Jenny #1, LP;

Mid-Con Energy Partners, LP is a publicly held Delaware limited partnership formed in July 2011 to own, acquire, exploit and develop producing oil and natural gas properties in North America, with a focus on Enhanced Oil Recovery.  The investment had a massive drop in price in the last 16 months leading to extensive losses for retail investors.  If a broker failed to make individualized determinations as to whether this investment was suitable or not, the investment losses might be recoverable through the FIRNA arbitration claims process.  Please contact our law firm in Chicago, Illinois for a no cost review by a lawyer to determine the merits of the case against the brokerage firm who sold it.

Stoltmann Law Offices is investigating Gary Bradshaw, a financial advisor with First Dallas Securities. Bradshaw was accused of concentrating large portions of an elderly customer’s portfolio into risky oil and gas investments. Allegedly, by 2014, Bradshaw had concentrated over 100% of the client’s account into three oil and gas investments: CVR Partners, LP, Kinder Morgan, and Legacy Reserves LP. Due to the losses in oil and gas stocks, the customer suffered over $160,000 in losses to her retirement savings. In all, because of his unsuitable investment recommendations, the client suffered over $250,000 in losses. Advisors such as Bradshaw have a duty to only recommend those securities that are suitable for investors. The broker must take into account the client’s age, net worth, investment objectives, and other things before recommending and selling securities. If he does not, his brokerage firm can be responsible for losses.

Bradshaw was registered with Rauscher Pierce Refsnes in Dallas, Texas from August 1985 until March 1990 and is registered with First Dallas Securities Inc. in Dallas, Texas and has been since February 1990. He has one customer dispute against him. Please call our securities law offices in Chicago at 312-332-4200 to speak to an attorney about your options of suing First Dallas Securities for investment losses on a contingency fee basis in the FINRA arbitration process. The call is free with no obligation.

According to a disciplinary proceeding by the Financial Industry Regulatory Authority (FINRA), Stuart G. Dickinson, a broker with WFG Investments, sold limited partnership interests in ATMA, LP, a private placement securities offering that offered investors the opportunity to acquire an income stream derived from the acquisition and operation of automated teller machines (ATMs) to seven customers. He is accused of not conducting due diligence on ATMA, and as a result, his seven customers suffered a total loss of over $1 million dollars, when the underlying business scheme of the offering was a fraud. The ATMs were fictional. Private placement sales are often referred to as “selling away” and are when an advisor sells a security not offered by his brokerage firm. Selling Away is against rules and regulations in the securities industry. Investment firms can be sued if their brokers sell away.

Dickinson was registered with GEO Securities from May 1982 until October 1982, Merill Lynch in New York, New York from January 1987 until April 1992, Bear, Stearns & Co in New York from April 1992 until May 2005, Linsco/Private Ledger in Boston, Massachusetts from June 2005 until November 2005 and WFG Investments in Highland Park, Texas from October 2005 until September 2013. He has two customer disputes against him. He is not licensed within the industry.

If you invested money with Stuart G. Dickinson, please call our securities law firm at 312-332-4200 to speak to an attorney. His former firm, WFG Investments, may be held responsible for investment losses because they did not properly supervise him while he was employed there. The call is free with no obligation. We sue firms such as WFG Investments in the FINRA arbitration forum to recover money for investors.

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