Understanding the Impact of Unsuitable Investment Recommendations
A series of suitability disputes have been filed against an Oppenheimer securities broker from Los Angeles, California—Michael Howard Rosenmayer. These disputes, documented on the Financial Industry Regulatory Authority (FINRA) BrokerCheck, highlight potential issues with the broker’s investment handling strategies for his clients.
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Allegations of Breach of Contract and Unsuitability
In one significant instance, a client associated with Oppenheimer Co. Inc. has commenced FINRA Arbitration No. 23-01541 against Michael Rosenmayer. The claims encompass unsuitable trading, breach of contract, negligence, and breach of fiduciary duty. The client’s losses are substantial, involving municipal bonds and private placement products, with reparations sought in excess of $3,000,000. This arbitration is currently in progress and awaiting an outcome.
Investor Concerns Over Sales Practices
A different customer, also from Oppenheimer Co. Inc., expressed their disquiet through FINRA Arbitration No. 23-00735. Filed on March 28, 2023, this claim alleges unsuitability, negligence, breach of contract, and negligent supervision in relation to the purchase of Capital Trust Agency Florida Senior Living Bonds. The investor reported losses on municipal bonds and is claiming $231,826 in compensatory damages.
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Disclosure of Investment Risks
On March 13, 2023, yet another complaint surfaced, highlighting Rosenmayer’s sales practices. The investor claimed that the risks tied to their investments were not adequately disclosed, which resulted in stock losses. In response, the investor is seeking compensatory damages.
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Resolving Unsuitable Investment Recommendations
An earlier complaint from January 2018 about unsuitable investment recommendations by Rosenmayer led to losses in municipal bonds for an investor. To rectify the situation, Oppenheimer Co. Inc. repurchased the bond at market value, which was slightly higher than the purchase price, on July 31, 2018, and provided the investor with interest accrued.
Addressing Allegations of Negligence
Going further back, an investor presented issues regarding Rosenmayer’s sales practices in FINRA Arbitration No. 16-01304. The allegations included unsuitable recommendations and negligence, among others, leading to losses in stocks and master limited partnerships. Oppenheimer Co. Inc. settled the matter by compensating the investor $37,500 on June 22, 2017.
Settlements for Misrepresentations and Omissions
In a separate civil suit, Rosenmayer was accused by an investor of misrepresentations and omissions related to auction rate securities purchased between December 2007 and January 2008. The losses incurred were settled when Oppenheimer Co. Inc. agreed to compensate the investor $120,000 on March 16, 2011.
Seek Assistance for Investment Losses
Should you endure losses due to questionable investment advice or actions by brokers such as Michael Rosenmayer, Meyer Wilson stands ready to assist. Our firm has a proud tradition of advocating for investors and has successfully reclaimed losses for clients nationwide. We operate on a contingency fee basis, aligning our interests directly with your success. We invite you to reach out for a consultation to discuss your recovery options. Contact Meyer Wilson at 866-938-2021 or visit us at investorclaims.com. It’s important to note that allegations of sales practice violations are disputed by Rosenmayer and his employers, yet our commitment is to guide you through these challenging proceedings.
Written by: David Meyer, Esq.
Recovering Losses Caused by Investment Misconduct.