Were You the Victim of Oppenheimer & Co. Inc. Broker Cesar Hurtado?
Posted on Tuesday, October 1st, 2019 at 2:15 pm
Erez Law is currently investigating Oppenheimer & Co. Inc. broker Cesar Hurtado (CRD# 4137948) regarding allegations of churning customer accounts to generate excessive commissions as well as recommending unsuitable investments to his clients. Hurtado has been registered with Oppenheimer & Co. Inc. in Miami, Florida since 2003.
According to public record, a former client of Oppenheimer & Co. Inc. and Hurtado filed a FINRA arbitration claim alleging $1.7 million in damages related to alleged misconduct related to negligent supervision of Hurtado, breach of fiduciary duty through churning the account to allegedly generate commissions, and by recommending unsuitable investments.
In addition to the case above, Hurtado has been the subject of two customer complaints between 2017 and 2019, according to his CRD report:
August 2019. “Claimant alleges claims for negligence, breach of fiduciary duty, breach of contract, fraud and negligent misrepresentation concerning the investments in her accounts. From 11/1/2013 to present.” The customer is seeking $100,000 in damages and the case is currently pending. This case is regarding common and preferred stock options and energy sector investments.
September 2017. “Claimants assert claims for fraud, negligent misrepresentation, breach of fiduciary duty and negligence in connection with the investments in, and management of, their accounts. Accounts open from 2003-2017.” The client sought $1 million in damages and the case was settled for $285,000.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Oppenheimer & Co. Inc. may be liable for investment or other losses suffered by Hurtado’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.