Goldman Sachs MLP Energy Renaissance Fund “GER” (U.S.: NYSE) The GER fund has lost (74.2%) between September 26, 2014 and March 9, 2016. Newly formed in 2014 with no prior operating history, GER sought to concentrate its investments in the energy sector, including the oil and gas industry. With oil and gas prices now at record lows however, investors in GER and other oil and gas ventures may now be incurring substantial investment losses. If you invested in GER based upon the advice of a broker or investment adviser and you believe such may have been inappropriate for your investment needs or sold to you in a misleading way you may have the right to recover your investment losses. The law firm of Richard A. Nervig, P.C. represents individual investors who have suffered financial losses as a result of investment fraud or misconduct, Ponzi schemes, unsuitable investment recommendations, or abusive securities sales practices. If you have investment losses in GER or any other investment in excess of $100,000 please call my office at (800) 837-0441 for a free consultation.
Wall Street’s Latest Bad Deal for Main Street Investors: Non-Traded Business Development Companies (“BDC’s”) First it was Non-Traded Real Estate Investment Trust (Non Traded REITS) and now comes Non-Traded Business Development Companies (“BDC’s”). Originally created in 1980, BDC’s are touted as high yield products with annual payouts of about 8%, diversified assets and flow through tax treatment. BDC’s seek to generate investor returns by making high interest loans to equally high risk corporate borrowers – the types of borrowers who if subjected to bond rating scrutiny would in most instances be classified as “junk”. As an incentive for brokers and broker dealers to sell these products, some BDC’s charge sales loads of 10%. These sales charges also do not include in some instances an additional 2% charge for offering expenses. Investors in such circumstances are then left with having only 88cents out of every $1 invested actually going towards their investment and further result in investors having to generate a return of 12% just to break even. If you invested in a BDC based upon the advice of a broker or investment adviser and you believe such may have been inappropriate for your investment needs or sold to you in a misleading way you may have the right to recover your investment losses or to rescind your original purchase. For a free consultation regarding your situation please call my office at (800) 837-0441.
RIVERSIDE COUNTY SECURITIES BROKER NAMED IN FEDERAL INDICTMENT FOR ALLEGEDLY PARTICIPATING IN STOCK SCHEME INVOLVING SHARES OF VGTEL, INC. Sheik Firdosh Khan a/k/a Abida Khan a registered securities broker affiliated with Ameritas Investment Corp. between May 2002 and December 2013 was named in a federal indictment filed in the U.S. District Court for the Southern District of New York for participating in an investment scheme involving shares of VGTEL, Inc. (“VGTL”) stock. According to the indictment filed January 5, 2016, Khan and others solicited in excess of $10million from investors through false and misleading representations. Victims of the scheme include residents of Riverside County. Shares of other securities also solicited by Defendants in the scheme include Q Lotus Holdings, Inc., Haddad-Wylie Industries, LLC and Cassidy Ventures, Inc. In addition to the indictment, Khan has also on behalf of a company called Ashira Consulting, LLC filed a FINRA arbitration claim in September 2015 against COR Clearing, LLC, Christopher Cervino and Rafael Santiago seeking to recover total losses related to the VGTL scheme of $495,000. FINRA Arb.#15-02385. And in a further related matter, Ms Khan entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) for among other things engaging in private securities transactions and making untrue statements. See, In re: Sheik F. Abida Khan, FINRA AWC# 2015045211101 (Nov. 2015). ANYONE WHO HAS DONE BUSINESS WITH KHAN IS URGED TO CONTACT THE LAW FIRM OF RICHARD A. NERVIG, P.C. FOR A FREE CONSULTATION.800-837-0441