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Articles Tagged with Oppenheimer & Co.

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Customers of barred broker or “financial advisor” Gabriel “Gabe” Block of Red Bank, New Jersey may have arbitration claims if Block caused the customers losses by recommending over-concentration of the customer’s accounts in stocks, excessive use of margin loans and/or trading in microcap stocks.

Piggybank in a Cage
According to BrokerCheck records kept by the Financial Industry Regulatory Authority (FINRA), Block has been subject to at least 12 customer complaints and five regulatory actions during his career.  Block is currently barred from the industry but was formerly employed by First Standard Financial Company LLC, National Securities Corp., and Oppenheimer & Company, among other brokerage firms.  Several of the customer complaints against Block concern allegations of high frequency trading activity also referred to as churning.

On August 28, 2015, The State of Delaware’s Investor Protection Unit filed an administrative complaint against Block, with the following allegations: churning, excessive trading, unsuitable investment recommendations, and narcotics use.  Block denied the Delaware allegations, but consented to a cease and desist order, and relinquished his right in the future to apply to be a broker or investment advisor in the state of Delaware.

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Recently, Wade James Lawrence was barred from the financial industry by the Financial Industry Regulatory Authority (FINRA). Investors’ rights lawyers are exploring accusations made against Lawrence regarding misappropriation of funds during his time as a broker.  According to the FINRA report, Lawrence failed to respond to these allegations, and in doing so forfeited his opportunity to remain a practicing broker.

FINRA Bars Wade James Lawrence from Financial Industry

Lawrence’s most recent history as a broker was with Southwest Securities, where he was registered from August 2011 through December 2013.  Prior to that, he worked for Oppenheimer & Co. from June 2008 through July 2011, and Merrill Lynch from April 2003 through June 2008.   During his time at both Southwest Securities and Oppenheimer & Co., there were several complaints issued against Lawrence by customers who claimed to have received unsuitable recommendations.  One client even alleged that Lawrence borrowed $850,000 and failed to return the funds. This alleged borrowing occurred while Lawrence was with Oppenheimer & Co. and the FINRA report states that he intended to “…pay for the losses.  I [Lawrence] then voluntary resigned and left the appropriate funds in my personal account to be used to cover the losses.”  Despite this response, Lawrence failed to appear for testimony with FINRA regarding this, or any of the other complaints, which included additional allegations of misappropriated funds and failure to provide appropriate investment recommendations.

If you suffered significant losses as a result of doing business with Wade James Lawrence or believe that another stockbroker or financial advisor led you to inappropriately use investment funds, you may be able to recover your losses through securities arbitration.  To find out more about your legal rights and options, contact a securities fraud attorney at the Law Office of Christopher J. Gray, P.C. at (866) 966-9598 or newcases@investorlawyers.net for a no-cost, confidential consultation.