Silver Law Group Files another FINRA Arbitration Complaint Against RBC Capital Markets for Unsuitable Recommendations in the Oil and Gas Industry

Silver Law Group has filed a FINRA arbitration complaint against RBC Capital Markets, LLC (CRD# 31194) for unsuitable recommendations to invest in oil and gas securities.

Our client, an older individual, had been working with her RBC broker, Lisa J. Lowi (CRD# 1347790), for many years.  Our client alleges she was primarily invested in high-quality bonds to ensure healthy and consistent income for herself in her retirement years.

Rather than investing in conservative investments the client alleges, Lowi pushed oil and gas investments, including master limited partnerships (“MLPs”), and overconcentrated our client in the industry.  Lowi failed to disclose the high risks that come with investing in the oil and gas industry.

According to Lowi’s FINRA BrokerCheck report, 27 customer complaints have been reported against Lowi since February 2015, of which at least 15 are related to investments in the energy sector.  The FINRA arbitration complaints allege millions of dollars in losses, and five have already settled.

The Claimant alleges that Lowi was not a rogue broker acting to push forth her own interests.  To the contrary, this may have been an institutional effort to push forth oil and gas securities.

In fact, Lowi is not the only RBC broker who has been accused of recommending unsuitable oil and gas securities.  Former RBC broker Paul Blum (CRD# 735003) from October 2009 to November 2015, the same time frame Lowi was employed by RBC, and has 17 misconduct disclosures on his BrokerCheck report citing similar allegations.  The first complaint against Blum with related allegations was in November 2015.

Lowi is no longer with RBC and is employed with Janney Montgomery Scott LLC (CRD# 463).

Many brokers got caught up in the façade that was ever-increasing crude oil prices, improperly recommending master limited partnerships (“MLPs”), bonds, private placements, stocks, and other oil and gas securities to conservative investors.  Seeming like a sure bet and untouchable, these brokers neglected to conduct due diligence and investigate these investments and negligently recommended them to customers.

Many not only negligently recommended these oil and gas securities, they also failed to diversify, overconcentrating their customers’ funds and causing unhampered losses when the securities tanked.  Lowi is one of many brokers who have been accused of recommending unsuitable investments and overconcentrating investor accounts in these securities, and there are many more out there.

Silver Law Group has represented and currently represents many clients in these types of oil and gas products and can help you recover some of your losses through securities arbitration.

If you lost money investing in oil and gas private placements, publicly-traded drilling partnerships, partnership bonds, or other oil and gas securities you may be entitled to recover some of your investment losses.  Please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345 to find out how we may be able to help you recover some of your investment losses.