Brokers at Hilliard Lyons have been concentrating investor accounts in Breitburn Energy. Breitburn was a speculative oil and gas stock that has now filed bankruptcy. This stock was unsuitable for most investors and to compound the problem for investors, brokers at Hilliard Lyons were concentrating investor accounts in this one stock. Publicly available records reflect that one of these brokers, Michael B. Barnett has complaints regarding concentration of this stock. Mr. Barnett has worked in the securities industry for about seven years. The majority of his career has been working as a securities broker for Hilliards Lyons—specifically at their Marion, IL office.
In a recent arbitration filed on behalf of one of Mr. Barnett’s customers, Oakes & Fosher was able to recover $450,000 in compensatory damages and $100,000 in punitive damages due to the actions of Barnett and Hilliard Lyons. The Panel in this case agreed that purchasing this stock for customers seeking low risk was not appropriate, and concentrating investor accounts in this one stock was even more inappropriate.
If you or someone you know has invested in Breitburn Energy through Michael Barnett or any other Hilliard Lyons broker, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher dedicates its entire legal practice to representing investors across the nation. For more information on Oakes & Fosher please see the link below.