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There are legitimate oil and gas investments, but there are also deals
riddled with problems. Scammers prey on hot trends and opportunities.
Unfortunately, it is often difficult to identify the scams from the genuine
investments. The North American Securities Administrators Association
(NASAA) released a warning about oil and gas investment fraud. Scam artists
have been using the fluctuating oil prices to their benefit. According
to the NASAA, when there is opportunity for money to be made, scammers
follow in the shadows to take advantage of the situation.
There are various types of oil and gas investments, which the NASAA lists
Scam artists know how to structure deals so it is difficult to identify
that they are actually investment schemes. A typical oil and gas scam
might have a limited partnership in one state and a physical location
in another. These unscrupulous individuals will then offer the investments
to people in states other than where the limited partnership was created
and where operation is located. This discourages investors from ever visiting
the oil field or company headquarters.
If someone has approached you to invest in an oil and gas venture, be cautious.
You need to do your homework before investing any money. You should look
into the following:
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Investment Misconduct Blog
Fifth Third Securities, Inc. was fined by the Financial Industry Regulatory Authority (FINRA) earlier this week for $4 million and was ordered to pay restitution of $2 million ...
Ethan De Naray, currently a registered broker with Feltl & Company, was terminated from his position with Merrill Lynch in May of 2017 after allegedly using discretion in ...
A new bill called the Compensation for Cheated Investors Act would require FINRA to pay investment losses back to investors from a pool of funds. Unpaid arbitration awards ...