Investment Loss Claims Regarding James Michael Amour of Ausdal Financial Partners and the Bakken Drilling Funds
James Michael Amour is a FINRA regulated broker and an investment advisor with 41 years of experience spanning eight firms. Mr. Amour has three disclosures against him according to his BrokerCheck profile.
In January 2019, Clients claimed that unsuitable and misrepresented investments were sold to them and that the Firm failed to supervise the sales and conduct adequate due diligence. Clients purchased chares in Bakken Drilling Fund III and Bakken Drilling Fund IV in March and June of 2013. Bakken III was formally dissolved in May 2018 and while Bakken IV is not formally dissolved, it is not paying dividends to clients. Total principal investment among clients was $5.5 million. This case alleged $295,000 in damages and settled for $1,250,000.
In July 2010, allegations against Mr. Amour include acts of omissions involved in the sale of interest in a property in Texas. The sale originally took place on March 2005. Damages requested amounted to over $300,000, but the dispute was withdrawn.
Regarding Mr. Amour’s regulatory history, on November 4, 1996, the securities commissioner entered a consent order against Amour because he failed to disclose a bankruptcy filing on his form UJ-4. Pursuant to section 14.A(6) of the Securities Act, an order of reprimand was issued. Mr. Amour claimed that when he filed for bankruptcy in 1992, he notified the branch manager at PaineWebber and the legal department at the Firm’s New Jersey headquarters. He alleges that he was assured they could handle bankruptcy filing.
Financial Advisors and their brokerage firms, like Ausdal Financial, have obligations under the FINRA Rules to conduct due diligence and recommend suitable and appropriate products. If you were recommended products like Bakken Drilling Fund or other investments that did not perform as represented by your Financial Advisor, you may have a legal right to assert a claim to recover your investment losses.
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