Effective March 13, 2018, the Financial Industry Regulatory Authority (“FINRA”) imposed an industry bar against former financial advisor Gabriel “Gabe” Block (CRD# 2103543), of Rumson, New Jersey. FINRA Enforcement’s sanctions stem from a prior Administrative Consent Order (“Order”) entered into on or about June 25, 2015, between the State of Delaware Investor Protection Unit through its Director and Mr. Block’s then employer, Oppenheimer & Co. Inc. (CRD# 249, “Oppenheimer”).
The 2015 Order encapsulates findings of fact and allegations that Block made unsuitable investment recommendations to an investor that earned Mr. Block and Oppenheimer substantial brokerage commissions and fees of $867,900 on approximately $3,023,242 that the investor had invested with Oppenheimer.
Pursuant to the Order, Oppenheimer was assessed a fine of $685,000. The Delaware Investor Protection Unit found fault with Oppenheimer’s failure to take action, although the subject accounts reportedly appeared on a branch office compliance review report 23 out of the 24 months that the accounts were open.