Gustavo Miramontes Investigation
February 2024 – Los Angeles, CA
According to publicly available records Gustavo Miramontes, a stockbroker with Oppenheimer & Co., discloses 10 prior customer disputes, 5apending customer dispute and a termination.
The Financial 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 9/2023 a customer of Oppenheimer filed a FINRA arbitration alleging that Miramontes churned his account, was negligent, traded without authority and falsified account documentation. Damages of $151477 are sought in this pending matter.
Other Cases Involving Unauthorized Trading
Discretionary vs. Non-Discretionary Accounts
What is Excessive Trading (Churning)?
Between December 2009 and April of 2019, four customer disputes were filed against Miramonte’s prior employers alleging, among other things; misrepresentation, unauthorized transactions, negligence, failure to supervise, unsuitable recommendations, fraud, breach of fiduciary duty, violation of the securities exchange act of 1934, California Code of regulations, Violation of FINRA Rule 2110 Standards of commercial honor and principals of trade. Those cases were collectively settled for more than $600,000.
From November to December of 2021, five customer of Oppenheimer & Co. filed complaints and are currently seeking an unstated amount of damages. Allegations against Miramontes include unauthorized trading and unsuitable recommendations.
In October of 2016, Miramontes filed Chapter 7 in the U.S. Bankruptcy Court-Central District of California. He was discharged from bankruptcy in 2/2017.
Miramontes has been employed with Oppenheimer & Co., since August of 2018 . Before then he was been registered with Wedbush Securities from January 2015 until August 2018 and with Wells Fargo Advisors from June 2010 until January of 2015.
If you have questions about account handled by Gustavo Miramontes, contact us for a no charge consultation to learn about your legal options for recovery of losses.
Investigations of other Oppenheimer & Co. brokers
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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