Former Oppenheimer & Co., Inc. Client Wins FINRA Arbitration for $800,000 for Unauthorized Trades and Unsuitable Investments
Posted on Saturday, June 23rd, 2018 at 10:03 am
In June 2018, a former client of Oppenheimer & Co., Inc. won an award in a FINRA arbitration for compensatory damages for $800,000 for losses sustained from unauthorized trades and unsuitable investments in the customer’s accounts. The investors were clients of financial advisors James Forsythe (CRD# 1038986) and Carter Worth (CRD# 1707653).
The causes of action included breach of fiduciary duty, misrepresentation, suitability, unauthorized trading, failure to supervise, negligence, and violation of FINRA Rules. The causes of action related to the client’s allegations that Forsythe and Worth executed unauthorized trades in Claimant’s accounts and invested client’s accounts in unsuitable investments, including IShares Russell 2000 Index puts and calls, Proshares Trust PSHS Short S&P 500 ETFs, and the Global Chartist Fund, LLC. The FINRA arbitration hearing was conducted in Chicago, Illinois.
Forsythe has been registered with Oppenheimer & Co. Inc. in New York, New York since 2003. Forsythe has also been the subject of six customer complaints between 1991 and 2016, two of which were denied, according to his CRD report.
Worth has been registered with Cornerstone Macro LLC in New York, New York since March 2015. Previously, he was registered with Sterne, Agee & Leach, Inc. in New York, New York from February 2014 to March 2015 and with Oppenheimer & Co. Inc. in New York, New York from 2004 to 2014.
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 Forsythe and Worth’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.