The Florida-based Soreide Law Group recently filed a FINRA arbitration on behalf of their clients against JANNEY MONTGOMERY SCOTT, LLC, (“JANNEY”) in Stuart, Florida, and DOUGLAS R. MOLINE (CRD# 4911158).
The Claimants, who are both retirees in their seventies, had the primary goal of preserving their capital and living off the income generated from the investments to sustain them through retirement. Around 2012, it is alleged that JANNEY broker MOLINE recommended multiple oil and gas related investments which by 2015 the concentration into energy in their accounts was significant with no hedging strategy or downside protection.
The lawsuit alleges the Claimants have suffered devastating losses to their irreplaceable retirement savings in oil and gas investments including but not limited to: Linn Energy Notes, EV Energy Partners, Azure Midstream Partners, Energy Transfer Partners, Breitburn Energy Partners Notes, Martin Midstream Partners to name a few. No one from JANNEY ever made any attempt to build a diversified portfolio to protect the retirement savings of retirees in their mid-seventies. There was also no hedging or stop loss strategy implemented in the account and the Respondents went all in on one idea that has now cost the Claimant over $100,000 of their irreplaceable retirement savings.
The lawsuit alleges claims of negligence, breach of contract and breach of fiduciary duty and negligent supervision.
DOUGLAS R. MOLINE (CRD# 4911158) has been in the securities industry for 11 years and is currently registered since 08/2008 with:
JANNEY MONTGOMERY SCOTT LLC
309 SE OSCEOLA STREET, SUITE 207/208
STUART, FL 34994
Moline was previously registered with:
05/2005 - 09/2008 CITIGROUP GLOBAL MARKETS INC. - STUART, FL
If you or a loved one had a large concentrated position in Linn Energy, EV Energy Partners, Azure Midstream Partners, or any other oil and gas related investments call (888) 760-6552 for a free consultation. The Florida-based Soreide Law Group handles cases nationwide before FINRA and we work on a contingency fee.
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