Did you lose money investing with former H. Beck, Inc. financial advisor George Oldoerp (CRD# 1852219) in the high risk energy sector? Oldoerp has been registered with H. Beck, Inc. in Corona, California from 2002 to 2016.
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.
Oldoerp has been the subject of one customer complaint, according to his CRD report:
November 2017. “Registered Representative recommended unsuitably illiquid direct investments including equipment leasing, oil and gas, BDC and non-traded REIT securities. Date of Activity -8/27/2003-11/7/2017.” The customer is seeking $500,000 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, H. Beck, Inc. may be liable for investment or other losses suffered by Oldoerp’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.