Finra panel awards Oppenheimer client $800,000 in damages

Found firm executed unauthorized and unsuitable trades in client's accounts.
JUN 06, 2018

A hearing panel of the Financial Industry Regulatory Authority Inc. has awarded Robert Dekas $800,000 in damages for unauthorized and unsuitable trades made by Oppenheimer & Co. in 2016. Specifically, the client charged that Oppenheimer executed unauthorized trades in his accounts at the firm and invested funds in unsuitable investments, including IShares Russell 2000 Index puts and calls, ProShares Trust PSHS Short S&P 500 ETFs and the Global Chartist Fund. In his claim, Mr. Dekas requested compensatory damages in excess of $2 million, and punitive and exemplary damages in excess of $1.5 million.

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