Atlas Energy: Another Provident Royalties?
Doomed investments in private placements connected to Provident Royalties cost investors dearly, especially after the Securities and Exchange Commission (SEC) accused Provident of bilking thousands of oil and natural gas investors in an elaborate $485 million Ponzi scheme in July 2009.
Now, concerns are coming forth about another drilling and gas partnership: Atlas Energy Resource Partnership.
Specifically, several investors say they put money into various series offerings (Atlas Series 16, 18, and 28) based on recommendations from their financial advisor, along with assurances they’d receive an immediate tax deduction for the intangible drilling costs associated with the partnership (reportedly up to 85% of the investment in the first year.)
That didn’t happen, however. Instead, investors discovered that the principal of their investment would essentially be lost in the first year.
Atlas Energy, L.P. is a publicly traded master limited partnership. According to its corporate Web site, Atlas Energy owns the general partner of Atlas Pipeline Partners, L.P., a midstream energy service provider that gathers and processes natural gas in the Mid-Continent region of the United States. Atlas Energy also sponsors tax-advantaged direct investment natural gas and oil partnerships through several Atlas entities.
Investments in most, if not all, gas and drilling-related deals are speculative, illiquid, and typically come with substantial fees for investors and big commissions from the brokers selling them.
If you experienced significant financial losses in investments connected to Atlas Energy, contact us to tell your story.