October 2019- Farmingdale, New York
The FINRA records of Michael L. Oromaner disclose 4 regulatory matters that have been finalized, 11 final customer disputes, 2 pending customer disputes and 2 outstanding judgements or liens.
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.
In 9/2019 Oromaner was suspended by FINRA after he failed to comply with an arbitration award of settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.
He was previously suspended for two years in 2017 to resolve allegations that he traded a customer account without permission and for engaging in unsuitable trading. In one of the abused accounts Oromaner generated over $400,000 in commissions and fees while causing losses of $27,000.
In 8/2018 a customer of one of his prior employers, Cova Capital Partners, was awarded $75,672 by a FINRA panel. The customer alleged that Oromaner excessively traded the account, violated the California Elder Abuse and Dependent Adult c
In 5/2016 , in FINRA case 12-3310, the arbitration panel ordered Oromaner and his prior employer, Brookville Capital Partners to pay a customer over $29,000. The customer had alleged unauthorized trading, over concentration of investments and excessive markups and markdowns on thinly traded stocks.
In pending FINRA Case 16-00405, a customer of Oromaner’s while he was previously employed by New Castle Financial Services ,now known as Brookville Capital Partners, and Legend Securities alleges that Oromaner used high pressure sales techniques, made unsuitable investments, churned the account and charged excessive and hidden commissions. Damages of $750,000 are alleged.
In pending FINRA case 18-1055 a customer of Salomon Whitney Financial seeks damages of over $69,000 and alleges that Oromaner churned the account.
Oromaner is not currently registered. He worked for Salomon Whitney Financial since 3/2016-9/2016. He was previously registered with Cova Capital Partners 10/2016-1/2017 and Avenir Financial Group 1/2015-3/2016. Prior to that he was registered with Legend Securities 1/2014-1/2015 and Brookville Capital Partners 11/2009-1/2014.
If you have losses in an account handled by Michael L. Oromaner , and believe that your account was mishandled, call to learn how you may be able to recover damages from his employer.
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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