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INTERACTIVE BROKER CUSTOMERS SEE ACCOUNTS GO NEGATIVE DUE TO FALLING OIL PRICES

Crude oil prices fell into negative territory this week for the first time in history. The negative pricing means that an investor with a long position in oil would have to pay someone to take their oil investment off their hands. The historic drop has sent shockwaves through the market. The New York Mercantile Exchange (NYMEX) West Texas Market Intermediate Crude Oil contract for May 2020 dropped to a negative price of -$37.63. This price is the basis for determining the settlement price for cash-settled contracts listed on the CME Globex and on a separate, expiring cash-settled futures contract listed on the Intercontinental Exchange Europe. According to a press release from Interactive Brokers, Inc., “several” Interactive Brokers, LLC customers held long positions in CME and Intercontinental Exchange Europe contracts, causing them to incur losses in excess of the equity in their accounts. IBLLC has fulfilled its required variation margin settlements with clearinghouses on behalf of its customers and recognized a [...]

By |April 23rd, 2020|Uncategorized|
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SEC Accuses Breitling Energy Of $80M Fraud

The SEC charged Breitling Energy Corp., its CEO, and seven others with defrauding investors out of nearly $80 million by misleading them about the value of oil and gas assets The Commission's suit alleges that CEO Christ Faulkner of Breitling, an oil and gas driller from Texas, had worked with numerous accomplices to defraud hundreds of unknowing investors in his oil and gas companies out of millions of dollars. The SEC believes Faulkner, the self-purported "Frack Master," used the money to fund "a lifestyle of decadence and debauchery," including lavish travel and the use of escort services. Faulkner allegedly seized upon investor interest in the shale oil boom to run the fraud in which he wrongfully sold investments in over twenty oil and gas prospects in many states. The descriptions of these investments were “replete with material misrepresentations and omissions,” according to the SEC. Also according to the SEC, the scam utilized four intertwined companies whose relationships were [...]

By |July 5th, 2016|Fraud, Press Releases & News, SEC|
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Frankowski Firm Investigating Raymond James MLP Recommendations

The Frankowski Firm, LLC is investigating Raymond James' potentially inappropriate recommendations of oil and gas and commodities related investments. Investors may have legal recourse because of unsuitable recommendations by their broker to invest in this speculative and volatile area. Raymond James has served as an underwriter for many master limited partnership (MLP) deals, and their analysts have given high ratings to these investments. Jeff Saut, chief investment strategist for Raymond James, claimed that his favorite MLP investments included Yorkville High Income LLP ETF (YMLP) and Yorkville High Income Infrastructure MLP ETF (YMLI). These two funds have dropped substantially since this claim. Linn Energy (LINE) and LinnCo (LNCO) were other individual MLP investments that were recommended by Raymond James, experienced substantial drops, and are now facing potential bankruptcy. Over the last year, both stops have dropped in value by roughly 98%. Over a number of years, Raymond James analyst Keven Smith maintained a "Strong Buy" rating on Linn Energy. Only after [...]

By |March 7th, 2016|Press Releases & News|
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Worst May Be Yet To Come For Energy MLPs

Investors in energy-focused master limited partnerships could be understood crying for mercy. The sector rebounded late last week, but the midstream benchmark Alerian MLP index is still down a brutal 16% in January, and 46% for the past year. The problem here, as with global markets, is falling crude-oil prices. In good times, MLPs do not correlate with oil prices, since they mostly earn revenue from long-term contracts based on volumes of gas and oil they transport, but in bad times, they do. U.S. crude bounced on Thursday and Friday to $32 a barrel from a low near $27, but there is no denying that oil is likely to stay lower for longer. On Friday, Moody’s put 122 energy companies on review for downgrades, citing “a prolonged period of oversupply that will continue to significantly stress the credit profiles of companies in the oil-and-gas sector.” Moody’s sees oil at an average price of $33 a barrel in 2016 and $38 [...]

By |January 27th, 2016|Press Releases & News|
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