Category Archives: Oppenheimer

Michael Lackwood-Former Oppenheimer Broker-Subject of Recently Filed Customer Suit

May 2019 – Dallas, TX

We recently filed a FINRA arbitration claim on behalf of a resident of Carrollton, Texas, against Oppenheimer & Co. , which seeks damages for the mishandling of an investment account by former Oppenheimer financial advisor Michael A. Lackwood.

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.

Suit Alleges Lackwood Made Unauthorized & Risky Trades

The arbitration suit alleges that Lackwood made unsuitable recommendations including short term trading and a risky option trading strategy that resulted in substantial losses. The claim seeks damages of between $100,000-$500,000.

According to FINRA records, Lackwood was registered with Oppenheimer from 9/2011-7/2018. He is currently registered with APW Capital whose main office is located in Rockaway, NJ. Earlier in his career Lackwood was employed by Merrill Lynch where he was discharged in 8/2011 for conduct in connection with loans made by certain clients to other Merrill clients and to third parties. Lackwood discloses a business affiliation with Spring Delta Asset Management in New York.

If you have questions about an investment account handled by Michael Lackwood contact us for a no charge consultation to learn about your legal options for recovery of damages.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Robert Abramowitz- National Securities Corp. Broker- Discloses Customer Disputes- Melville, NY

October 2018- Melville, NY

According to publicly available records  Robert Abramowitz (CRD#4457589), a stockbroker who is registered with National Securities Corp.  disclose a prior customer dispute and 2 pending customer disputes..

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 December 2016 a customer with Raymond James Financial Services, Inc. filed case #16-03627 with FINRA alleging negligence, breach of fiduciary duty, breach of contract, material misrepresentations, omissions and failure to supervise.  The case was settled for $40,000.

In July 2018 a customer of Oppenheimer & Co. filed FINRA case #18-02666  alleging breach of contract, negligence, unsuitability, breach of fiduciary duty, respondeat superior, negligent supervision, over concentration from July 2011 until July 2016.    Alleged damages are $100,000.   This case is pending.

In March 2018 a customer with Raymond James Financial Services filed a customer dispute alleging “investments were misrepresented to her and were unsuitable based on her investment objectives.   She further states that her investment objectives and risk tolerance were incorrectly stated on new account paperwork from July 2011 until April of 2016.”   Alleged damages are $149,236.86.   This case was settled for $75,000.

Abramowitz is been employed by National Securities Corp. since September of 2017.   Prior to that he was with Oppenheimer & Co. from April 2016 until September 2017, and  with Raymond James from May of 2014 until April of 2016.   Before that time he was with Core Financial.   Abramowitz discloses a business affiliation with National Asset Management . 

If you have questions about an account handled by Robert Abramowitz, contact us for a no charge consultation to discuss your legal options.

Rex Securities Law, with offices in Boca Raton, FL  and Austin, TX, provides representation to investors nationwide who are seeking recovery from 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 are handled on a contingent fee basis meaning that you do not play legal fees unless we are successful.  

Nationwide Representation

Rex Securities Law

Toll Free: 877-224-3199

Florida:  561-391-1900

Texas:  512-329-2870

 

Michael Ralby – Former Morgan Stanley Smith Barney Broker- Barred From Securities Industry- Boca Raton – FL

October 2018- Boca Raton, FL

According to publicly available records  Michael B. Ralby (CRD#1301072), a stockbroker who formerly was registered with Morgan Stanley Smith Barney, disclose a regulatory event, 2 pending customer disputes and six prior customer disputes.

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 require to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In March of 2018  Ralby was permanently barred from the securities industry after  he refused to appear for a FINRA on-the-record testimony in connection with its investigation into whether Ralby had accepted loans from a customer in violation of FINRA rules.

In 9/2014, a customer of Above the Line Consulting, LLC alleged civil conspiracy and willful statutory violation of Florida statutes .    The case was filed in Miami Dade County, Florida in the Circuit Court of the 11th Judicial Circuit, and resulted in judgment to the customer of $2.2 million.

In July of 2018 a Morgan Stanley Smith Barney customer alleged unsuitability with respect to purchase of structured products.    The case was settled for $13,604.

In January of 2017 a Morgan Stanley Smith Barney customer alleged unauthorized trading and the case settled for $35,450.

In April of 2009,  a Stanford Group Company customer alleged being misled regarding the risk level of his purchase of the Stanford International Bank CD.    He submitted to complaints to FINRA – one alleging compensatory Damages of $587.698 and the other for $140,721.   This case is still pending.

Michael Ralby worked for  Oppenheimer & Co. from March 2009 until July 2013 when he went to work with Morgan Stanley Smith Barney from July 2013 until January 2018.

If you have questions about an investment account handled by Michael Ralby, contact us for a no charge consultation to learn about your legal options.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Demos Argyros-Oppenheimer Broker-Discloses Settlement of Customer Suit-St. Louis, MO

March 2019-St. Louis, MO

The FINRA records of  Demos Argyros (Demostenes Argyropoulos),  a  stock broker who is currently employed by Oppenheimer and Co. ,  disclose  4 prior customer disputes and one currently pending matter.

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 FINRA Case 17-2648  a customer of Oppenheimer alleged that Argyros breached his fiduciary duty, churned their account and charged excessive fees from 1/2008-12/2016. The customer also alleges that funds are missing from their account. That case was settled in 9/2018 for $275,000.

In currently pending FINRA Case #19-=0501, a customer of Oppenheimer alleges that Argyros made unsuitable recommendations and misrepresentations in their account from 5/2008-11/2016 and seeks damages of $100,000.

Argyros  has been employed with Oppenheimer since 1/2003.

If you have losses in an account handled or supervised by Demos Argyros call for a no charge consultation to discuss your legal options for recovery.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Oppenheimer Ordered to Pay Customer $800,000 For Unauthorized and Unsuitable Trading

June 2018-Chicago, Illinois

A FINRA (Financial Industry Regulatory Authority)  arbitration panel ordered brokerage firm Oppenheimer & Co. to pay a customer $800,000 in compensatory damages.

The customer alleged that Oppenheimer brokers James Forsythe and Carter Worth executed unauthorized trades in his accounts and made unsuitable investments in IShares Russell 2000 Index puts and calls, Proshares Trust PSHS Short S&P 500 ETFs and the Global Chartist Fund, LLC. FINRA Case 16-3687, Dekas v. Oppenheimer & Co. 

According to his FINRA records, James Forsythe has been registered with Oppenheimer since 1/2003 and he has 5 other customer disputes.

The FINRA records of Carter Worth disclose that he was employed by Oppenheimer from 10/2004-2/2014, then with Sterne, Agee & Leach 2/2014-2/2015. He is currently employed by Cornerstone Macro in New York.

If you have losses in an account handled by Carter Worth, James Forsythe or other Oppenheimer broker, call to learn how you may be able to recover damages through FINRA arbitration.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870