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Former Oppenheimer & Co. Inc. and Cetera Advisors, LLC Financial Advisor Abraham Heimann Has 6 Pending Customer Complaints Regarding Energy Sector Losses

Posted on Tuesday, November 21st, 2017 at 11:27 am    

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Erez Law is currently investigating former Oppenheimer & Co. Inc. and Cetera Advisors, LLC financial advisor Abraham Heimann (CRD# 1315922) regarding unsuitable investments in the high risk energy sector. Heimann was registered with Cetera Advisors in Alpharetta, Georgia from 2013 to 2016 and with Oppenheimer & Co., Inc. in Atlanta, Georgia from 2002 to 2013. Heimann is not registered with any brokerage firm at this time.

Heimann has been the subject of six customer complaints in 2017, according to his CRD report:

October 2017. “Claimant assert claims for breach of fiduciary duty, negligence, breach of contract, fraud, misrepresentation, failure to supervise, neglect hiring, unauthorized trading, and violations of the conduct rules of FINRA with respect to energy sector investments. From 2012 to 2013.” The customer is seeking $364,000 in damages and the case is currently pending.

September 2017. “Claimant assert claims for breach of fiduciary duty, negligence, breach of contract, fraud, misrepresentation, failure to supervise, neglect hiring, unauthorized trading, and violation of the conduct rules of FINRA with respect to energy sector investments. From 2003 to present.” The customer is seeking $200,000 in damages and the case is currently pending.

August 2017. “Lack of Diversification from October 2010 to July 2013.” The customer is seeking $1,500,000 in damages and the case is currently pending.

April 2017. “Breach of fiduciary duty, negligence, and failure to diversify the portfolio.” The customer is seeking $30,000 in damages and the case is currently pending.

March 2017. “Breach of Fiduciary duty and negligence.” The customer is seeking $2,000,000 in damages and the case is currently pending.

January 2017. “Claimants assert claims for unsuitability, unauthorized trading, negligence, breach of fiduciary duty, breach of contract, and misrepresentation in connection with maintenance of their account at oppenheimer. Time period from 2/1/2009 to 7/31/2013.” The customer is seeking $876,195 in damages and the case is currently pending.

Most of these customer complaints are regarding Heimann’s recommendations of unsuitable trades and overconcentration in the volatile energy sector. Overconcentration is one of the most risky strategies for securities, occurring when a broker invests a large percentage of an account in one security, one sector of the economy (such as the energy sector), or one type of investment. Heimann’s investments recommendations included Miller Energy, FX Energy and Seadrill, among many others.

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, Cetera Advisors, LLC may be liable for investment or other losses suffered by Heimann’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.