Erez Law is currently investigating Packerland Brokerage Services, Inc. financial advisor Edward Davig (CRD# 841294) regarding high risk oil and gas sector investments. Davig has been registered with Packerland Brokerage Services, Inc. in Holmen, Wisconsin since 2008.
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.
Davig has been the subject of six customer complaints between 2002 and 2018, one of which was closed without action, according to his CRD report. The most recent complaint is regarding:
April 2018. “In fall of 2007, Davig allegedly solicited the {Customer} to invest in an unsuitable and illiquid oil and gas Master Limited Partnership, and they continued to lose money over the years in non-traditional and insurance products they were sold.” The customer is seeking $500,000 in damages and the case is currently pending. The case is regarding investments tied to the high risk oil and gas sector.
The older settled complaints were regarding unsuitable investments and mismanagement of client accounts.
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, Packerland Brokerage Services, Inc. may be liable for investment or other losses suffered by Davig’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.
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