Former Herbert J. Sims & Co. Inc. Financial Advisor Laurence Greene Investment Losses

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Have you suffered losses due to investment recommendations made by former Herbert J. Sims & Co. Inc. financial advisor Laurence Greene (CRD# 604082) regarding unsuitable oil and gas securities and Puerto Rico bond recommendations? Greene has been registered with Herbert J. Sims & Co. Inc. in Ellijay, Georgia from 2002 to January 2018. Greene is not currently registered with any brokerage firm.

Over the past few years, oil prices have significantly declined. A supply glut in 2014 and 2015 led to some of the lowest prices the market has seen in recent years. In turn, securities values also dropped. The volatile energy sector experienced significant turmoil, and many energy companies were negatively impacted when global crude oil prices fell below $40 per barrel at the end of 2015. This was the lowest level since early 2009, as supply was in excess of global demand. Oil and gas companies experienced a spike in bankruptcies, which have left many investors reeling.

Puerto Rico suffers from long-term financial and economic deficiencies that rendered its credit increasingly more speculative. The deterioration of Puerto Rico’s financial condition culminated in its debt being downgraded to junk status or speculative (below investment grade). For the past several years, Puerto Rico has been struggling with compounding debt and economic decline. As a result, the value of Puerto Rico’s municipal tax-free bonds has considerably fallen. Since September 2013, when the steep decline in Puerto Rico bond values began, investors holding these bonds have suffered massive losses. In May 2017, Puerto Rico filed for bankruptcy protection from creditors in what is being described as the largest municipal bankruptcy filing in history.

Greene has been the subject of two customer complaints between 2017 and 2018, according to his CRD report:

  • May 2018. “Claimant alleged sustained economic losses due to unsuitability, investing in risky oil and gas securities and churning.” The case is currently pending and is regarding Puerto Rico bond investments and corporate and municipal debt.
  • November 2017. “Time frame: 2013 Allegations: Claimants allege unsuitable investments, churning, breach of fiduciary and excessive trading.” The customer is seeking $375,000 and the case is currently pending. The case is regarding Puerto Rico bond losses.

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Herbert J. Sims & Co. Inc. may be liable for investment or other losses suffered by Greene’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.

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Author: Jeffrey Erez

The founder of Erez Law, Jeffrey Erez, focuses exclusively on securities arbitration and litigation. Mr. Erez passionately believes in representing aggrieved investors and obtaining justice for his clients through litigation.