Oppenheimer Broker Gustavo Miramontes Involved in Unauthorized Trading Cases

by Admin Istrator | February 9, 2022 3:02 pm

tax loss

Los Angeles based Oppenheimer broker Gustavo Miramontes (CRD# 2338966[1]) is the subject of multiple customer disputes regarding unauthorized trading. He has a history of such complaints with older customer disputes involving Miramontes settling for more than $600,000. This information is based on his Financial Industry Regulatory Authority[2] BrokerCheck report, accessed on February 2, 2022.

Pending Complaints: Suitability, Unauthorized Trading

Mr. Miramontes’s BrokerCheck report—a public record that details his history in the securities industry, including any customer complaints or regulatory actions against him—describes five pending customer complaints alleging various forms of misconduct. All filed in 2021, the complaints allege he engaged in unauthorized trading and recommended unsuitable investments. The time periods of the complaints are between July 2019 and November 2021. The complaints remain pending, and their allegations are unproven.

Previous Complaints Settled for $642,000

FINRA records also describe four customer complaints involving Mr. Miramontes in which his member firms settled with the customers. Filed between 2009 and 2019, the complaints alleged misrepresentation of material facts regarding investments, unauthorized trading, unsuitable investments, fraud, breach of fiduciary duty, and supervisory failures. They ultimately settled for a total of more than $642,000.

FINRA Forbids Unsuitable Recommendations, Unauthorized Trading

For reference, allegations of unsuitable investments refer to products that are allegedly not appropriate for a customer’s individual profile: a set of information that includes their income, net worth, investment experience, investment goals, and risk tolerance. Like unsuitable recommendations, misrepresentations of material facts—that is, information that would be a significant consideration in deciding whether to make a transaction—are forbidden by FINRA rules, as they might lead investors to make unsuitable investments. Breach of fiduciary duty, meanwhile, refers to an alleged violation of an investment adviser’s duty to place the client’s interests above their own. Unauthorized trading, as the term implies, denotes the purchase and/or sale of securities without the customer’s approval. Investment professionals who recommend unsuitable investments, breach their fiduciary duty, and/or engage in unauthorized trading may be found liable for damages.

Miramontes Previously Registered with Wedbush

Mr. Miramontes was registered as a broker with Wedbush Securities from January 2015 until August 2018. He entered the securities industry in 1996 and started working at ML Stern & Company, where he was based in the firm’s branch office in Beverly Hills. After leaving the firm, he became a representative at Southwest Securities, and later Wells Fargo Advisors. He’s been working at Oppenheimer & Company in Los Angeles since 2018. According to his FINRA-maintained BrokerCheck report, he’s passed five securities industry examinations, including his Series 63 and Series 7. He has active registrations in five US states, including California, Illinois, and Oregon. (The above-referenced information was accessed on February 2, 2022).

Please Call MDF Law Today

MDF Law is interested in hearing from investors who have complaints regarding Gustavo Miramontes. If you have lost money investing with him, please call us at 800-767-8040 for a free consultation. We take all cases on contingency, meaning we don’t charge a fee unless you win. Our attorneys have helped investors recover millions of dollars in lost funds, and we’re currently taking consultations nationwide. Your time to file a claim may be limited, so please call us today.

  1. 2338966: https://brokercheck.finra.org/individual/summary/2338966
  2. Financial Industry Regulatory Authority: https://mdf-law.com/practice-groups/finra-arbitration/

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