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TAG | high-risk oil and gas partnerships



Did You Invest in Reef Oil and Gas Partnerships?

Soreide Law Group is currently investigating claims on behalf of investors who were sold Reef Oil and Gas partnerships based on the recommendations of their brokers/financial advisors. Reef Oil and Gas partnerships may not suitable for conservative investors due to their high risk.

Reef Oil and Gas Partners L.P. is based in Richardson, Texas, founded in 1987. The general partner of Reef Oil and Gas Companies is Reef Oil & Gas Partners L.P. They develop, and produce oil and natural gas. There are substantial risks in oil and gas partnerships, which may make them inappropriate for unsophisticated investors.

If your broker/financial advisor recommended any of the following oil and gas partnerships for your conservative portfolio, you may have a potential claim for recovery. Call Soreide Law Group for a free consultation with an attorney: 888-760-6552.

Reef SWD 2007-A LP

Reef Global Energy Ventures II

Reef Global Energy VI, L.P.

Reef Global Energy VII, L.P.

Reef Global Energy VIII, LP.

Reef Global Energy IX, L.P.

Reef Oil & Gas Income & Development Fund, L.P.

Reef Oil & Gas Income & Development Fund III, L.P.

Reef Oil & Gas Income & Development Fund III, L.P.

Reef Oil & Gas Income Fund IX, L.P.

Reef Private Drilling Venture 2006-IV Joint Venture

Reef 2010 Drilling Fund, L.P. (formally Reef 2009 Drilling Fund, L.P.)

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Did You Invest in These Oil and Gas Offerings?

Soreide Law Group, PLLC, is currently investigating the following oil and gas deals:

KBS REIT, DBSI, BDA Bradford Drilling, United Development Fund, Leaf Equipment Leasing Fund, Cypress Equipment Fund, Net REIT, REEF Income and Development Fund, and Waveland Drilling Partners.

Investors can file arbitration claims, as an option if they have been victimized by these products, if the investments were recommended by a financial advisor at a brokerage firm.

There were massive commissions involved in oil and gas deals, and the commissions often provided an incentive for the broker to recommend these products. In many cases, these were not appropriate or suitable investment recommendations for their clients. Often, an unsuitable and inappropriate amount of the client’s portfolio was placed into these investments. Brokers and financial advisors have a duty to only recommend investments that are appropriate for their client.
If you or a family member have sustained losses in any of these oil and gas investments due to your stock broker or financial advisor’s recommendation, call 888-760-6552, or visit
Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.

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LPL Financial Fined for ‘Oversights’ Involving Elderly Clients

In a November 23, 2011, article in FA Magazine, Karen DeMasters writes that LPL Financial has been fined $100,000 for failing to properly oversee one of its brokers in Oregon who sold risky investments to people, many of them elderly and without the mental capacity to make investment decisions.

It was reported that the Oregon Division of Financial and Corporate Securities says LPL Financial, a division of LPL Investment Holdings Inc., has since improved it oversight procedures.

This fine stemmed from the actions of Jack Kleck, branch manager for LPL Financial in La Grande, Ore., who sold investments in high-risk oil and gas partnerships to nearly three dozen Oregon residents. Many of the investors were elderly and the investments were not suitable for the clientele, given their age and investment objectives, the division says.

The Oregon division found LPL Financial violated securities laws, including failing to diligently supervise the actions of its broker and failing to ensure company policies and procedures were enforced.

Jack Kleck’s securities license was revoked in 2007, barring him from doing business in Oregon, and a subsequent investigation led to the fine against LPL, says Melanie Mesaros, division spokeswoman. Kleck was fined $30,000. Many of Kleck’s clients were in their seventies and eighties and some were not capable, due to poor health, of making sound investment decisions, the division says.

“This case underscores the importance of investing with individuals and firms licensed by the state of Oregon,” says David Tatman, division administrator. “The state examines licensed brokerage firms and the division will take appropriate action against firms that do not comply with the law.”

DeMasters writes that LPL has taken numerous steps to improve its compliance and supervisory practices, the Oregon division says. The company has increased the number of employees devoted to compliance and supervision related functions, increased
its pre-sale review of transactions and enhanced branch office examinations.

Securities Attorney, Lars Soreide, of Soreide Law, PLLC, has represented clients nationwide. If you or a family member have experienced losses with LPL Financial or Jack Kleck, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses. To speak with an attorney, call 888-760-6552, or visit

Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.

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