Meyer Wilson is investigating allegations that California-based broker Gustavo Miramontes engaged in unauthorized, unsuitable trading. Miramontes currently works for Oppenheimer & Co. Inc. He worked for Wedbush Securities, Inc. up to 2018.
Miramontes has been the subject of multiple customer disputes alleging unauthorized and unsuitable trades in customers’ accounts. Five disputes are still pending. His previous employers settled complaints for similar behavior, including a $431,401.45 settlement by Wedbush Securities Inc.
Unauthorized trading occurs when your financial professional makes trades on your account without your authorization. Your broker must obtain your permission before buying or selling anything for your account unless you’ve signed a written trading authorization that allows your broker to buy and sell securities in your account without having to contact you. However, that does not mean your broker can misuse or exceed this authority. Brokers and their firms who make unsuitable or unauthorized trades may be held liable for any sustained financial losses.
The securities and investment fraud lawyers at Meyer Wilson have the skills and experience that are specifically suited to the needs of victims of investment fraud. If you suffered losses due to Gustavo Miramontes’ unauthorized and unsuitable trading, contact us today for a free consultation to discuss your legal options.