Oppenheimer Broker Involved In Customer Dispute Cases
Cesar Hurtado, who has been with Oppenheimer since 2003, is currently under scrutiny in the wake of recent customer disputes and is being investigated by Shepherd Smith Edwards and Kantas.
One of the claims alleging fraud, negligence, breach of fiduciary duty, and negligent misrepresentation was settled for $285K. Another customer dispute case, which is still pending, makes similar claims and is seeking $100K in damages.
According to his BrokerCheck record, Mr. Hurtado denies the allegations in both broker fraud cases. Previous to working for Oppenheimer, Hurtado was a registered CIBC World Markets broker.
Oppenheimer Accused of Negligent Supervision
Another recent and pending Financial Industry Regulatory Authority (FINRA) arbitration claim was brought by a customer seeking $1.7M in damages from Oppenheimer brokerage firm.
The claimant wants to hold the firm accountable for Hurtado’s actions. This includes the alleged recommending, purchasing, selling, and churning of securities that were unsuitable for the client in order to generate commissions for the financial advisor.
The firm is accused of inadequate supervision, breach of contract, breach of fiduciary duty, and negligence. Earlier this year, another customer dispute brought before FINRA arbitration in which the firm was found liable and ordered to pay over $250K was settled.
That client also alleged churning, unsuitable investment recommendations, fraud, negligence, as well as breach of fiduciary duty, misrepresentations and omissions of material facts, unauthorized trading, and negligent supervision.
Since its founding in 1954, Oppenheimer has been the subject of over 172 investor claims presented before FINRA arbitration. Some of the largest awards granted to claimants against the firm have been in the high six figures, including awards of over $800K and more than $900K.
If you are an investor who worked with Cesar Hurtado or any other Oppenheimer broker and you sustained losses that you believe may be due to negligence or fraud, please contact our brokerage firm misconduct lawyers at SSEK Law Firm today.
Over the years, our investor lawyers have successfully pursued claims against some of the largest firms on Wall Street to help our clients get back their investment losses. Your first consultation with SSEK Law is a free, no-obligation session.