The Financial Industry Regulatory Authority Inc. (FINRA) has found that Oppenheimer & Co. executed unauthorized and unsuitable trades in a client’s account resulting in a FINRA award for the client.
The client, Robert Dekas, alleged that Oppenheimer executed unauthorized trades in his accounts and invested funds in unsuitable investments. The unsuitable investments included shares in IShares Russell 2000 Index puts and calls, ProShares Trust PSHS Short S&P 500 ETFs, and the Global Chartist Fund.
In his complaint, Dekas requested compensatory damages in excess of $2 million and punitive damages in excess of $1.5 million.
FINRA Arbitration Panel Resolved Investor Claim
As a result, the two parties went through the FINRA arbitration process to resolve the dispute. For most brokerage firm customers, FINRA arbitration is the exclusive remedy to recover investment losses.
The FINRA arbitration panel awarded Dekas $800,000 in damages. The unauthorized and unsuitable trades in question were made in his accounts held at Oppenheimer in 2016. No financial advisors were named in the complaint.
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The attorneys at Dimond Kaplan & Rothstein, P.A. have significant experience working in the securities industry and handling a myriad of investment disputes on behalf of clients in arbitration and in court.
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