Soreide Law Group has been contacted by several investors who have suffered devastating losses as a result of their broker/dealer or financial advisors recommending investing in the private placements offered by the oil and gas company:
PENNECO DRILLING ASSOCIATES
According to PENNECO DRILLING ASSOCIATES’ website, PENNECO is an oil and gas exploration company that was incorporated in 1979 and is currently located in Delmont, PA.
PENNECO DRILLING ASSOCIATES, and other oil and gas companies, offer private placements as a way to raise capital. Many broker/dealers or financial advisors recommended purchasing the private placements, often in large concentration, to their clients. There were several private placement products sold under Penneco Drilling Associates. The following are some of those products:
PENNECO DRILLING ASSOCIATES 2002-1
PENNECO DRILLING ASSOCIATES 2003-1
PENNECO DRILLING ASSOCIATES 2004-1
PENNECO DRILLING ASSOCIATES 2005-1
PENNECO DRILLING ASSOCIATES 2006-1
PENNECO DRILLING ASSOCIATES 2008-1
PENNECO DRILLING ASSOCIATES 2009-1
PENNECO DRILLING ASSOCIATES 2010-1
PENNOCO ROYALTY INCOME LP III
The sale of private placements also allows smaller companies to raise capital without having to register the securities with the Securities and Exchange Commission (SEC). These investments are typically more complicated and carry a much greater risk than other traditional investments. These investments are not suitable for the investor who is not sophisticated, or wishes to maintain a conservative/retirement portfolio.
The problem with investments such as the PENNECO DRILLING ASSOCIATES products is that they are unregistered securities that lack the oversight by the regulatory authorities. The energy market as we have all witnessed, especially in the past month, is a high risk investment. Many investors have experienced devastating losses to their irreplaceable lifetime savings.
If you’ve suffered losses as a result of your broker/dealer or financial advisor recommending PENNECO DRILLING ASSOCIATES private placements, or any other oil and gas private placements, contact Soreide Law Group and speak to a lawyer at no cost who has experience in numerous oil and gas stock loss cases, regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee basis and represents our clients nationwide before FINRA.
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