Sonn Law Group is investigating claims related to Cetera Advisors LLC financial advisor George C. Merhoff, Jr. in connection with the sale of investments in oil and gas companies. Merhoff is a financial advisor based out of Klamath Falls, Oregon.
Since 2015, Merhoff has been the subject of at least 10 customer complaints and/or FINRA arbitration claims by investors from Oregon to Nevada. Merhoff has recently been the subject of multiple FINRA arbitration claims and customer complaints by investors alleging that they were sold concentrated investments in risky oil and gas investments.
The oil and gas sector has experienced significant turmoil recently, as the price of energy continues to remain severely depressed. Companies like PenGrowth Energy Corp., Teekay LNG Partners, and AmeriGas Partners L.P. saw their stock price plummet in 2015, while other energy sector companies such as Linn Energy have filed for bankruptcy.
Since 2015, more than 90 oil and gas companies have filed for bankruptcy, many with outstanding debts exceeding $1 billion. The following are just a few of the largest recent bankruptcies from the oil and gas sector:
- Milagro Oil & Gas
- Sabine Oil & Gas
- Samson Resources Corp.
- Energy & Exploration Partners, Inc.
- Magnum Hunter Resources Corp.
- Swift Energy
- Venoco Inc.
- Energy XXI Ltd
- Ultra Petroleum Corp.
- Pacific Exploration & Production Corp.
- MidStates Petroleum Co.
- Chaparral Energy
- Linn Energy, LLC
- Berry Petroleum Co.
- Penn Virginia Corp.
- Breitburn Operating, L.P.
- Sandridge Energy, Inc.
- Atlas Resource Partners, L.P.
- Halcon Resources Corp.
Several customers of Merhoff have recently filed FINRA arbitration claims against Cetera Advisors alleging that they were sold concentrated investments in unsuitable oil and gas investments.
Cetera Advisors is a broker-dealer based out of St. Cloud, Minnesota. As of 2015, Cetera Advisors had 1,482 branch offices, and approximately 1,891 financial advisors. In other words, most of Cetera’s financial advisors operate independently without direct onsite supervision from Cetera management or compliance personnel. Such organizational structures are often inherently problematic because the brokerage firm’s ability to monitor its financial advisor’s compliance with applicable rules and regulations is diminished.
The law firm of Sonn Law Group represents investors throughout the country to help recover investment losses, including oil and gas investments. If you or a loved one have suffered investment losses due to the misconduct of a financial advisor or brokerage firm, Sonn Law Group may be able to help in recovering your losses. Sonn Law Group provides investors with free consultations at 844-689-5754 or complete our “contact form” to have an attorney contact you. Sonn Law Group is an aggressive, nationally recognized law firm that specializes in representing investors to help recoup their losses.