Update For Investors on Bakken Drilling Fund and How To Recover Losses

AdobeStock_17493500-1-300x102According to a recent InvestmentNews article, the Securities and Exchange Commission (SEC) accused Denver-based Coachman Energy Partners and its CEO, Randall D. Kenworthy of miscalculating and inadequately disclosing approximately $1.1 million in management fees and $449,000 in management-related expenses. Allegedly, between 2011 and 2014, Coachman Energy and Kenworthy failed to adequately disclose their methodology for calculating the management fees and management-related expenses it charged to four private oil and gas funds. This subsequently caused inadequate disclosures regarding its fees and expense calculations in the private funds’ operative documents and in forms files with the Commission. The four funds included: Coachman Energy Land II LLC, Bakken Income Fund LLC, Bakken Drilling Fund III LP and Bakken Drilling Fund IV LP. Bakken Income Fund filed for bankruptcy in October of last year after raising $20.6 million from 309 investors, according to a filing with the SEC. Coachman and Mr. Kenworthy agreed to censures and to cease and desist from committing or causing any violations and any future violations of sections of the Investment Advisers Act. Coachman also disgorged $2 million plus interest, and each agreed to a civil penalty of $50,000. Please call us today if you were recommended Bakken Drilling Fund by your broker or brokerage firm. We are securities attorneys who can help you recover those losses on a contingency fee basis in the arbitration forum.

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