The attorneys at Malecki Law are interested in hearing from customers of Steven Syslo who were recommended investments in SandRidge Energy, Inc. as a safe investment, or suitable for conservative investors. Mr. Syslo was employed by Morgan Stanley from June 2009 to June 2016, according to his publicly available BrokerCheck report maintained by the Financial Industry Regulatory Authority (FINRA). As disclosed in his BrokerCheck report, Mr. Syslo is currently employed by UBS Financial Services, Inc.
In July 2011, SandRidge Energy, Inc. traded at around $12 per share. The company announced that it was filing for bankruptcy protection on May 16, 2016, as reported by the Wall Street Journal. According to the article, SandRidge Energy is an Oklahoma City-based driller, and is the latest oil and gas company to file for bankruptcy in 2016. Now, the company’s stock trades for pennies, and it is the company’s stockholders, including individual investors, who may be feeling the effects of substantial losses in their portfolios.
Broker-dealer firms such as Morgan Stanley are obligated by the securities laws and industry rules to ensure that recommended investments are suitable for each investor. Brokers must consider each investor’s age, tax status, net worth, investment experience and risk tolerance, among other factors. Investments in commodities such as oil and gas companies are generally considered to be risky investments. If investors were seeking conservative, stable investments, but were recommended oil and gas stocks or limited partnership interests, they may have claims for damages for unsuitable investments.