AUGUST 2017 UPDATE-In FINRA case 15-2841, a customer of Oppenheimer & Co. sought damages of $17 million for an alleged overconcentration of long term Fannie Mae and other GSE bonds in the portfolio of a New Mexico county. In July 2017 that case, which was pending in Bernalillo, New Mexico, was settled for $500,000.
ORIGINAL POST JUNE 2016-According to FINRA records, Royce O. Simpson , formerly a stockbroker who most recently worked for Oppenheimer & Co. discloses two customer disputes that have been finalized, a pending regulatory investigation and a regulatory investigation that has been finalized.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Simpson’s FINRA record discloses that a FINRA investigation finalized in November 2015 resulted in an eight month suspension and a fine of $15,000 to resolve allegations that Simpson loaned money to a gold mining operation in Ghana, Africa, after his firm had denied his request to participate in the outside business activity.
In addition, FINRA found that Simpson failed to timely respond to requests for information and documents in connection with an investigation into Simpson’s relationship with certain officials of Bernalilllo County, New Mexico. FINRA Case#2013039492903.
Simpson’s prior employment includes UBS Financial Services, J.C. Bradford & Co. , Everen Securities and PaineWebber.
The New Mexico Securities Division has instituted Case 13-03-0028 seeking sanctions against Simpson for alleged unsuitable recommendations in long term U.S. agency bonds. That matter is still pending.
In a complaint brought by a customer of UBS Financial Services in 2011, a client alleged damages of $659,458 for overcharges for certain bond transactions. That matter was settled in 2011 for $659,458.
In another case brought in Contra Costa County, CA, in 1994, a Paine Webber customer alleged purchases of government securities exceeded maturity limitations imposed by California law. That claim was settled for $1,177,000.
If you have questions about an account handled by Royce O. Simpson, call for a no charge consultation.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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