The claim, filed with FINRA by the law firm of Mark A. Tepper, P.A., alleges that a Wells Fargo broker's high risk recommendation of LinnCo far exceeded the couple's documented lower risk tolerances, exposing them to the high risk of substantial losses.
The claim further alleges that the Wells Fargo broker told the retiree that LinnCo was a safe investment. "When LinnCo's price dropped to $30 a unit, [Claimant] asked the broker about the safety of LinnCo. The broker responded that LinnCo was still a good investment, that the broker was buying it for family members and that Wells Fargo recommends buying more," the claim alleges.
"Significantly, the broker's representations were inconsistent with LinnCo's high risk warnings. In fact, LinnCo was a high risk, leveraged, upstream oil and gas company. LinnCo was a toxic mix of vulnerability to volatile oil prices and high debt. The broker's recommendation to buy LinnCo was speculative in nature making it unsuitable," the claim contends.
The Mark A. Tepper securities law firm recently announced that it is investigating alleged claims against brokerage firms for recommending LINN Energy LLC, LinnCo LLC, and/or BreitBurn Energy Partners LP. For a free case evaluation from the Mark A. Tepper law firm, email attorney Mark Tepper at email@example.com or call 954-961-0096.
About Mark A. Tepper, P.A. (www.MarkTepper.com)
Attorney Mark A. Tepper is the former Chief Trial Counsel at the New York Attorney General's Bureau of Investor Protection and Securities. He has earned the reputation of "Investor Advocate" while practicing law for over 35 years representing individual investors. FINRA arbitrators have upheld stockbroker fraud claims filed by Mr. Tepper against many brokerage firms. A member of the Florida, New York and California Bars, Mr. Tepper is peer-reviewed for 16 consecutive years, AV PREEMINENT® for ethical standards and legal ability, the highest rating of lawyers in the Martindale-Hubbell Law Directory.
Mark Hopkinson, NewsMark Public Relations
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SOURCE Mark A. Tepper, P.A.