Erez Law is currently investigating RBC Capital Markets, LLC financial advisor Thomas Eades (CRD# 704136) regarding energy sector losses. Eades has been registered with RBC Capital Markets, LLC in Dallas, Texas since 1998.
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.
Eades has been the subject of two customer complaints in 2018, according to his CRD report:
- March 2018. “Customers complain that their accounts are concentrated in energy sector MLPs and that their financial advisor recommended that they continue hold their investments after the investments reduced dividend payments, resulting in losses. Time frame is 3/11/2004 to 1/16/2018.” The case is currently pending.
- February 2018. “Claimants allege accounts were left “uninvested” in a minimal interest cash account inconsistent with investment objectives in the period of 2015 – 2017.” The customer is seeking $180,000 in damages and the case is currently pending.
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, RBC Capital Markets, LLC may be liable for investment or other losses suffered by Eades’ 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.