Customers Allege Oppenheimer Committed Fraud

Gregory Baines Iglow (CRD#: 2783963), who has been a registered representative of Oppenheimer & Co. Inc. (Los Angeles, California), disclosed on Financial Industry Regulatory Authority (“FINRA”) BrokerCheck that he is referenced in a July 11, 2018 FINRA arbitration #18-02493. The Oppenheimer customer raised allegations of negligent supervision, breach of fiduciary duty, breach of contract, common law fraud, omissions, misrepresentation, unsuitability, violation of California’s Elder Abuse statutes, and violation of California Securities Act. The customer’s claims of misconduct pertain to investments in Puerto Rican bonds. A total of $300,000.00 in damages has been alleged by the customer in the pending matter.

According to FINRA BrokerCheck, allegations of Iglow’s sales practice violations are referenced in seven consumer-initiated, investment-related disputes. According to two July 17, 2014 complaints, customers of Oppenheimer alleged that omissions were made about municipal debt investments when they were purchased by the customers. The customers also contended that the investments were inappropriate given the customers’ ages and health conditions. The customers demanded a combined $324,482.90 in damages. Oppenheimer denied the customers’ allegations.

On December 17, 2009, civil suit #BC427035 was filed by an Oppenheimer customer concerning Iglow’s sales practices. Apparently, the customer contended that auction rate securities had been misrepresented, and omissions were made regarding those securities. The customer’s matter was settled for a total of $3,164,250.00 in damages on March 16, 2011.

Additionally, a consumer-initiated arbitration #09-05195 was filed on October 12, 2009. A customer who held assets with RBC Capital Markets Corporation and Oppenheimer accused Iglow of placing the customer in unsuitable corporate bonds. Apparently, the issuer of those bonds filed for bankruptcy, causing the customer to sustain losses. On May 14, 2010, the arbitrator found Iglow liable for negligence, omission of facts, non-disclosure, misrepresentation, breach of fiduciary duty, fraud and unsuitability. The arbitrator ordered Iglow to pay the customer $17,121.00 in damages.

In a March 6, 2009 complaint, an Oppenheimer customer alleged that Iglow was dishonest with the customer in reference to the customer’s Fannie Mae corporate debt investments. The customer’s claim was denied by Oppenheimer on April 15, 2009. Iglow was additionally subject of an April 7, 2003 complaint where a Prudential Securities Incorporated customer claimed that Black Rock Income Municipal Income Trust Fund investments had been misrepresented. Prudential Securities Incorporated denied the customer’s matter on May 16, 2005.

If you have suffered losses as a result of investing with Gregory Baines Iglow or another Oppenheimer broker, call the Law Office of Peter M. Spett at (561) 463-2799 for a free consultation concerning your legal rights and claims. Peter M. Spett has extensive experience recovering investor losses.

Merrill Lynch Customers Sue Over Unsuitable Puerto Rican Bonds

Jose E. Gonzalez Pumarada (CRD #: 1571751) is a general securities representative of Merrill Lynch, Pierce, Fenner & Smith Incorporated (Guaynabo, Puerto Rico). FINRA BrokerCheck disclosed that Pumarada is subject of a pending consumer-initiated, investment-related arbitration from October 19, 2017 containing allegations against Pumarada of sales practice violations. The Merrill Lynch customer alleged in the October 19, 2017 arbitration that she was placed in Puerto Rican municipal bonds and closed-end funds that were both unsuitable and misrepresented. At least $250,000.00 in damages has been alleged by the customer. (Case #: 17-02713).

According to FINRA BrokerCheck, allegations of Pumarada’s sales practice violations are referenced in four previous consumer-initiated, investment-related disputes. The first one was a complaint filed by a Salomon Smith Barney customer on February 6, 2001, alleging that the customer’s instructions concerning options investments had not been followed. The customer also alleged that unauthorized options had been purchased for the customer’s account. Salomon Smith Barney denied the complaint on February 6, 2001.

Then, a Merrill Lynch customer filed an arbitration on June 25, 2014, alleging that unsuitable investment recommendations were made concerning the customer’s investments in municipal debt and closed-end funds. Moreover, the customer claimed that there were misrepresentations and omissions of information relating to her investments. Merrill Lynch settled the customer’s complaint for $15,000.00 on March 22, 2016. (Case #: 14-01828)

On September 22, 2015, another customer of Merrill Lynch brought an arbitration alleging omissions and misrepresentations of facts between October 2009 and September 2015 concerning municipal debt and closed-end funds. The customer claimed to have received unsuitable investment recommendations. The arbitration was settled on February 23, 2018 for $50,000.00.

Are you a victim of sales practice violations committed by Jose E. Gonzalez Pumarada or another broker or financial advisor? If so, contact The Law Office of Peter M. Spett at (561) 463-2799 for a free consultation regarding your legal rights and claims.

Investors Sue Janney Montgomery Scott For Unsuitability

Charles James Euler Jr. (CRD #: 202696) is a financial advisor who disclosed a consumer-initiated, investment-related complaint from June 4, 2018 containing allegations against Euler of recommending unsuitable over-the-counter equities to the investor while registered with Janney Montgomery Scott LLC (Radnor, Pennsylvania), resulting in the investor’s account having been over-concentrated in speculative securities and causing losses. The complaint was settled for $45,000.00.

According to FINRA BrokerCheck, this is the seventh disclosure making reference to allegations of Euler’s sales practice violations affecting Janney Montgomery Scott LLC investors. The first disclosure, dated September 28, 2004, was a complaint involving allegations of misrepresentation of unit investment trust investments, where the investor alleged $50,000.00 in damages.

The second disclosure, which was dated March 7, 2016, involved an arbitration containing allegations that unsuitable stocks were held in the accounts of multiple investors. (Case#: 16-00248). The arbitration was settled for damages totaling $75,000.00. A third disclosure concerned an arbitration dated April 19, 2016 in which Euler was alleged to have allocated the investors’ accounts in stocks that were not suitable for them. (Case #: 16-01026). The investor agreed to settle the matter for $40,000.00 in damages.

In the fourth disclosure, a May 9, 2016 arbitration, the investor contended that Euler misrepresented and omitted facts pertaining to securities purchases, and further alleged that Euler executed trades for the investor’s account which neither reflected the investor’s investment objectives nor was authorized by the investor. (Case #: 16-01980). That arbitration was settled for damages totaling $250,000.00. The fifth disclosure also concerned a May 9, 2016 arbitration containing identical allocations of Euler’s sales practice violations. (Case #: 16-02087). The investor agreed to resolve the dispute for $350,000.00 in damages.

The sixth disclosure consisted of an arbitration dated January 26, 2017 involving allegations of unsuitable, speculative equities being held in the investor's account, resulting in an unbalanced investment portfolio. (Case #: 17-00209). A settlement was reached for the investor to be paid $150,000.00 in damages.

On April 30, 2018, following the sixth consumer-initiated investment-related dispute, Janney Montgomery Scott LLC terminated Euler’s registration.

If you believe that you are a victim of sales practice violations such as those alleged to have been committed by Charles James Euler, Jr., contact the Law Office of Peter M. Spett at (561) 463-2799 for a complimentary consultation to evaluate your legal rights and claims. Peter M. Spett has extensive experience recovering losses for investors.