Did you lose money investing in Grey Goose Energy Partners 2002, L.P.?
Galvin Legal, PLLC is launching an investigation on behalf of investors who suffered losses investing in Grey Goose Energy Partners 2002, L.P. at the recommendation of their financial advisor. If you suffered losses investing in the investment, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim against the brokerage firm that recommended the investment.
As energy prices have declined so has the value of energy investments. Many investors have suffered significant losses in energy investments that were recommended to them by the financial advisor. Many of these investments were high risk and were unsuitable for their portfolios.
According to its website, Waveland invests in oil and gas exploration and development throughout the Mid-Continent and Permian Basin regions of the United States alongside many of the largest and most active E&P companies in North America.In addition, Waveland has deployed invested capital to special private equity opportunities in select sectors such as medical device, health sciences, technology, and manufacturing.
About Grey Goose Energy Partners 2002, L.P.
According to its website, Grey Goose Energy Partners 2002, L.P. was funded in December 2002. 100% of the partnership’s assets were sold in September 2004 for a 116.8% pre-tax return of investor capital, including prior distributions from operations. Investors in the partnership also received an up-front tax deduction equal to 95% of their investment.
Due Diligence Requirement
FINRA requires brokerage firms to conduct due diligence on investments, such as Grey Goose Energy Partners 2002, L.P., and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokerage firms that fail to conduct adequate due diligence on investments they recommend, such as Grey Goose Energy Partners 2002, L.P., or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
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