Investors who have suffered huge losses due to lower oil prices could recover their money.
The Wall Street Fraud Watchdog has urged those who where advised to invest most of their portfolio in oil stocks in 2015 to call them for a possible strategy to recover money.
The practice of putting all of a person’s stock portfolio is called ‘concentration’, according to the watchdog.
It stated: “Concentrations in oil stocks in 2015 was never a good bet and a stock broker or investment advisor should have been more proactive when it came to protecting their clients.”
The watchdog believes investing in oil stocks in 2015 was a “very” risky investment.
It added: “Stock brokers or investment advisors talked many high net worth individuals into the notion that the US oil boom would never end and sold their clients a bill of goods in our opinion. As a result of this poor advice many high net worth US Investor put much of their investment portfolio into oil stocks and much of their principal has now been flushed down the tube.”