The White Law Group announces the filing of a FINRA Lawsuit against Reef Securities Inc.
The White Law Group announces filing of a FINRA Arbitration lawsuit today against Reef Securities Inc. The claim, submitted on behalf of a Cave Creek, Arizona resident, alleges claims for violation of common law fraud, breach of fiduciary duty, negligence, and negligent supervision.
The claim further alleges that Reef Securities Inc. unsuitably invested the client in a single, high-risk oil and gas drilling programs with Reef Oil and Gas companies – the Reef Bakken Bear Cat Drilling Fund, LP.
The FINRA claim seeks damages between $50,000 and $100,000.
Before recommending an investment, a broker-dealer has a fiduciary duty to adequately disclose the risks involved in the investment and to perform the necessary due diligence to determine whether the investment is suitable for the investor.
It is alleged Reef Securities Inc. failed to perform the necessary due diligence on this investments prior to recommending them to this particular investor.
According to D. Daxton White, managing partner of The White Law Group, “It is unfortunate, but we believe that many more investors have suffered devastating losses due to the broker-dealer’s failure to supervise and don’t realize they have recovery options.”
“Brokerage firms are required to supervise their financial advisors to ensure that they are complying with FINRA rules. If it can be determined that the advisor violated FINRA rules and the employers failed to adequately supervise him, these firms can be held responsible for any resulting losses in a FINRA arbitration claim.”
FINRA Dispute Resolution is an arbitration venue for investors with claims against their brokerage firm or financial professional. It provides investors with an opportunity to attempt to recoup their investment losses without filing such claims in court.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For more information The White Law Group and the lawsuit filed against Reef Securities Inc., please contact the firm at 1-888-637-5510 or visit https://www.whitesecuritieslaw.com.
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Tags: FINRA arbitration, oil & gas lawsuit, Reef Bakken Bear Cat Drilling Fund investigation, Reef Bakken Bear Cat Drilling Fund. Reef Bakken Bear Cat Drilling Fund losses, reef Securities, Reef Securities complaint, Reef Securities investigation, Reef Securities lawsuit, Reef Securities review Last modified: November 23, 2020