Aidikoff, Uhl & Bakhtiari is investigating investor losses in oil and gas companies including Los Angeles-based Breitburn Energy Partners (“Breitburn”).
On May 15, 2016, Breitburn filed for Chapter 11 bankruptcy protection, citing a continued decline in oil prices which have eroded its balance sheet.
Financial service or brokerage firms that recommended the purchase of Breitburn may have breached industry duties by:
- failing to conduct proper due diligence on Breitburn
- failing to disclose all material risks
- failing to allocate properly customers’ portfolios
- over concentrating investor assets in energy related securities
- failing to implement risk management protocols
Many oil and gas companies raised capital through Master Limited Partnerships (“MLPs”). “Brokerage firms targeted retirees selling them master limited partnerships, pitching a high-yielding bond substitute with tax advantages, failed to disclose the risks associated with MLPs and the oil & gas sector,” said Ryan Bakhtiari.
“We’ve noticed that some financial service firms have over concentrated fixed income investors in oil and gas MLPs like Breitburn,” said David Harrison.
If you have suffered a loss of more than $100,000 in Breitburn or other MLPs contact an attorney below to discuss your options.
Aidikoff, Uhl & Bakhtiari is an “AV” rated law firm with a worldwide practice representing individuals and institutions in disputes with Wall Street and the financial services industry. Attorneys for the firm regularly appear before the Financial Industry Regulatory Authority (FINRA) which was created in 2007 through the consolidation of the National Association of Securities Dealers (NASD) and New York Stock Exchange (NYSE) enforcement and arbitration divisions, as well as in numerous state and federal courts to resolve financial disputes between customers, employees, banks, brokerage firms, insurance companies and other members of the financial services industry.