(888) 637-5510

Written by 4:44 pm Blog, Current Investigations, Securities Fraud Articles

Spirit of America Energy Fund (SOAEX) Securities Fraud Investigation

Spirit of America Energy Fund SOAEX Securities Fraud Investigation, featured by Top Securities Fraud Attorneys, The White Law Group

Spirit of America Energy Fund Continues to Decline after Reverse Stock Split

Have you suffered investment losses in the Spirit of America Energy Fund (SOAEX)? If so, the securities attorneys at The White Law Group may be able to help you by filing a FINRA Arbitration claim against the brokerage firm that sold you the investment.

Spirit of America Energy Fund (SOAEX) was reportedly launched in July 2014, as part of a group of mutual funds based in Syosset, NY and invested 80% of its assets in several aspects of the oil and gas industry. The Fund, available exclusively by David Lerner Associates, Inc.,  “sought to provide shareholders with long-term capital appreciation and current income”. Unfortunately for investors, SOAEX has reportedly continued to decline since its inception.

According to SEC filings, on April 20, 2018 the Fund underwent a 1-for-3 reverse share split. The effect of the reverse share split transactions was to divide the number of outstanding shares of the Fund by the reverse split factor, with a corresponding increase in the net asset value per share. According to the company, these transactions did not change the net assets of the Fund or the value of a shareholder’s investment. The historical share transactions presented in the Statements of Changes in Net Assets and per share data presented in the Financial Highlights have been adjusted retroactively to give effect to the reverse share split.

Recovery of Investment Losses

The White Law Group continues to investigate potential securities fraud claims involving Spirit of America Energy Fund.

Brokerage firms are required to perform due diligence on any offering they recommend. They must ensure that all recommendations made are suitable in light of the client’s age, investment experience, net worth, income, and investment objectives.

If a firm fails to perform due diligence or makes an unsuitable recommendation, the broker-dealer can be held responsible for any 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.

If you are concerned about your investment in Spirit of America Energy Fund the securities attorneys at The White Law Group may be able to help you. For a free consultation to discuss your options, please call the offices of The White Law Group at 888-637-5510.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.

For more information on The White Law Group and its representation of investors in FINRA arbitration claims, visit https://www.whitesecuritieslaw.com.


Tags: , , , , , , , , , , , , , , , , , Last modified: February 20, 2020