Meyer Wilson is investigating allegations that Illinois-based broker Mark Former engaged in unauthorized trading and recommended unsuitable investments, including direct investments into Direct Participation Programs (DPPs) and Limited Partnership (LP) interests. Former currently works for Oppenheimer & Co., where he has been registered since 2019. He previously worked for Morgan Stanley for nine years.
Former has been the subject of six customer disputes. Two disputes against Former are currently pending, alleging unauthorized trading and unsuitable investments. Unauthorized trading occurs when a broker makes trades on a client’s account without their permission or authorization. Brokers must obtain a client’s permission prior to making any purchases or sales for their account.
DPPs allow investors to make direct investments into different businesses. These non-traded, illiquid, pooled investments are highly risky. Brokers have a duty to recommend the purchase and sale of a security or investment that is in the best interests of their clients. Without a reasonable basis to believe a transaction is suitable for the customer based on their investment profile, a broker may be liable for recommending an unsuitable investment.
If Mark Former engaged in unauthorized trading or you lost money in unsuitable investments that he recommended and sold to you, the skilled investment fraud attorneys at Meyer Wilson would like to speak with you. Please contact Meyer Wilson today for a no-cost consultation to discuss your legal options.