Soreide Law Group has been contacted by clients who were sold Spirit of America Energy A (SOAEX) by David Lerner Associates, Inc.
Spirit of America Energy Fund (SOAEX), sold exclusively by David Lerner, was first issued in July of 2014. Since its inception, this fund is down -12.2%, and at its low has been down as much as 60%.
According to Bloomberg, the Spirit of America Energy Fund is an open-end fund incorporated in the United States. The Fund aims to provide investors long-term capital appreciation and current income. The Fund invests in a combination of securities and other assets of energy and energy related companies.
On David Lerner’s website the the Spirit of America Energy Fund is described as seeking their investment objective by investing at least 80% of its assets in energy and energy related companies. They are interested in exploration, production and transmission of energy or energy fuels. They invest in Master Limited Partnerships (MLPs) that derive the majority of their revenue from energy infrastructure assets and energy related assets or activities, including businesses, making or servicing of products for energy related activities, energy research, and energy conservation.
Energy investments are extremely volatile and high-risk. It is not an investment for someone who has low to moderate risk investment goals or the conservative investor interested in maintaining their retirement portfolio. It is the duty of the broker/dealer to inform the investor of the nature of these products.
The bankruptcy of dozens of oil and gas companies have left investors with devastating and irreplaceable losses to their portfolios. Many of these investors made it clear to their brokers/financial advisors they were conservative investors not wanting an over-concentration of high-risk energy stocks. Soreide Law Group has represented many clients in FINRA arbitrations against the broker/dealers who placed the conservative portfolios of our clients into high-risk oil and gas stocks and funds.
If you’ve suffered losses through the recommendation of Spirit of America Energy A (SOAEX) sold exclusively by David Lerner Associates, Inc., call Soreide Law Group and speak to an experienced securities lawyer at no cost to you regarding the possible recovery of your investment losses at: 888-760-6552.
Soreide Law Group represents our clients nationwide through FINRA and we operate on a contingency fee basis. Let our experience work for you.