Finra panel awards couple $800,000 in case against Oppenheimer

Says firm was negligent in case involving energy stock selection

May 24, 2018 @ 2:08 pm

By InvestmentNews

The Financial Industry Regulatory Authority Inc. has awarded a Florida couple $800,000 in compensatory damages against Oppenheimer & Co., in a case involving the recommendation and selection of energy stocks.

The action brought by the Palm Beach Gardens, Fla., couple — retired chiropractor Eric Kaplan and his wife, Bonnie — charged that the firm was negligent in connection with the couple's investments in those stocks. The couple also asserted that Oppenheimer was guilty of breach of fiduciary duty, negligent supervision, fraud, breach of contract and violation of ERISA. The couple initially sought compensatory damages of $1 million to $5 million, but at the close of the hearing requested total damages of $973,148.30.

On the sole basis of negligence, the Finra panel made three awards of compensatory damages totaling $800,000.

Dr. Kaplan and his wife were the subject of national attention in 2007, when they almost died from botulism poisoning after receiving injections of Botox. Dr. Kaplan wrote a book about the experience, "Dying to be Young."

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