The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding former California-based Sagepoint broker Paul Lo (CRD# 2155984), particularly if those complaints involve investments in Atlas Energy.
Paul Lo has spent twenty-one years in the securities industry and was most recently registered with Key West Investments in San Gabriel, California (2015). Previous registrations include Sagepoint Financial in Santa Clara, California (2005-2012); SunAmerica Securities in Phoenix, Arizona (2001-2005); WMA Securities in Duluth, Georgia (1994-2001); Intersecurities in St. Petersburg, Florida (1993-1994); and Baraban Securities in Los Angeles, California (1991-1993). He is currently not registered with any firm or state.
Atlas Energy is a natural resource company that focuses on production, transportation, and processing of natural gas and oil, primarily through its subsidiaries Atlas Resource Partners and Atlas Pipeline Partners. In recent years Atlas Energy has issued private placements for investors in oil drilling partnerships. Atlas Resources Series 34-2014 LP, for instance, promises to drill for oil in Texas, Oklahoma, Ohio and Pennsylvania. The minimum investment for Atlas Resources Series 34-2014 is $25,000. Private placements like Atlas Resources Series 34-2014 LP are investments that are not publicly purchased or sold on an exchange; rather, they are offered to a select group of investors, circumventing a great deal of the regulations and rules involved with publicly-traded securities.
The Atlas Resources Series 34-2014 LP offering closed on December 31st, 2014. Atlas aimed to raise $300 million, but failed to inform investors how significant portions of that sum would be used. According to a Reuters report, at least $8 million of investors‘ funds would be directed towards commissions and fees for brokerage firms, resulting in a 15% markup on anticipated equipment costs. According to the report, “For slightly more than half of 43 private placements Atlas issued over the past three decades, outside investors lost money or just about broke even. In 29 of those deals, Atlas did better than those investors.”
If you have lost money investing with Paul Lo, Sagepoint Financial, or in Atlas Energy, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 without delay. You may be entitled to recoup your losses. We accept all cases on contingency: Fitapelli Kurta only gets paid if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.