Stoltmann Law Offices is investigating a private equity fund managed by EnerVest Ltd. The $1.5 billion EnerVest Energy Institutional Fund XII firm closed in 2010, and the $2 billion EnerVest Energy Institutional Fund XIII closed in 2013. The EnerVest Fund XIII raised billions and focused on oil and gas and then borrowed $1.3 billion at the height of the oil market. Many energy, oil and gas companies went bankrupt because of the decline in the price of oil. Many Wells Fargo brokers recommended or sold EnerVest Private Equity Fund securities to clients of the bank, without having reasonable basis to do so. A broker must take into account his client’s age, net worth, investment objectives and portfolio risk tolerance before recommending or selling an investment, and do his due diligence on said investment. If he does not, his brokerage firm may be liable for losses, as it had a duty to reasonably supervise him while he was employed there. Our firm is investigating potential securities claims against firms like Wells Fargo over sales practices related to the recommendations of oil and gas and energy commodities such as ETNs, structured notes, private placements, master limited partnerships (MLPs), leveraged ETFs, mutual funds and stocks. If you were recommended or sold EnerVest Energy Institutional Fund by your Wells Fargo broker, please call our securities law firm today at 312-332-4200 in Chicago, Illinois. Attorneys are standing by to take your call, and the call is free with no obligation. We take cases on a contingency fee basis only.
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