BEVERLY HILLS, Calif., Dec. 10, 2009 (GLOBE NEWSWIRE) -- Aidikoff, Uhl & Bakhtiari (www.securitiesarbitration.com) announces the filing of FINRA arbitration claims against brokerage firms that sold Striker Petroleum and other private placements to investors.
Striker Petroleum raised approximately $57 million from September 2006 through September 2008 from the sale of debentures collateralized through oil and gas properties to approximately hundreds of investors nationwide.
"Investors should be aware that a federal court issued permanent injunctions at the request of the SEC against Striker Petroleum and its principals due to allegations of fraudulent debenture offerings," said attorney David Harrison. "The SEC alleged that Striker Petroleum made material misrepresentations to its investors regarding the firm's earnings and assets, in addition to the use of investor proceeds."
Striker Petroleum and its principals consented to a permanent injunction, the appointment of a receiver and asset freeze.
The receiver was appointed by the court to collect, marshal, manage and distribute Striker Petroleum's assets for the benefit of investors. "Often times, a receiver is appointed when it's too late for an investor to recapture from the issuer a significant amount of their investment," said attorney Ryan K. Bakhtiari.
"Unfortunately investors including retirees who sought fixed income and preservation of capital purchased Striker Petroleum," said Mr. Bakhtiari.
The individual brokers and individual advisors who sold Striker are not targets of investor claims.
Aidikoff, Uhl & Bakhtiari represents retail and institutional investors around the world in securities arbitration and litigation matters. Attorneys for the firm have appeared before the Financial Industry Regulatory Authority (FINRA) and in numerous state and federal courts to resolve financial disputes between customers, banks, brokerage firms and other financial institutions. More information is available at www.securitiesarbitration.com or to discuss your options please contact an attorney below.