Former New York Broker Michael Oromaner Investment Loss Options
Posted on Tuesday, May 5th, 2020 at 8:37 pm
Erez Law is currently investigating former New York broker Michael Oromaner (CRD# 2857559) who was suspended indefinitely from the securities industry. Oromaner was registered with several broker-dealers during the past few years, including:
- Cova Capital Partners LLC in Syosset, New York (October 2016-January 2017)
- Salomon Whitney Financial in Farmingdale, New York (March 2016-September 2016)
- Avenir Financial Group in Huntington, New York (January 2015-March 2016)
- Legend Securities, Inc. in East Meadow, New York (January 2014-January 2015)
- Brookville Capital Partners in Uniondale, New York (November 2009-January 2014)
In September 2019, FINRA suspended Oromaner indefinitely after he failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.
In December 2017, Oromaner consented to the FINRA sanctions and to the entry of findings that he “exercised discretion in a customer’s account in connection with 41 transactions without prior written authorization from the customer or approval from his member firm. The findings stated that Oromaner effected 67 unauthorized trades in another customer’s account without the customer’s authorization, knowledge or consent. In addition, Oromaner engaged in quantitatively unsuitable trading in that customer’s account. As a result of this excessive and unsuitable trading, the customer’s account sustained losses of approximately $32,550 and the customer paid approximately $28,129 in commissions. The findings also stated that Oromaner excessively traded another customer’s account resulting in collective losses of $27,608 and the customer paying over $400,000 in commissions and fees.” Oromaner was sanctioned to $25,000 in civil and administrative penalties and fines and ordered to pay $60,158 in restitution. Oromaner was also suspended for two years, starting in December 2017.
In May 2016, FINRA suspended Oromaner for eight days after he failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.
Oromaner has been the subject of 13 customer complaints between 1999 and 2018, two of which were denied and three were closed without action, according to his CRD report. Recent complaints are regarding:
April 2018. “Churning, negligence, unsuitability, unauthorized trading, breach of contract.” The customer is seeking $69,433 in damages and the case is currently pending. The complaint took place while Oromaner was registered with Salomon Whitney Financial and was regarding common and preferred stocks.
April 2018. “Churning, negligence, unsuitability, unauthorized trading, breach of contract.”
The customer sought $69,433 in damages and the case was settled for $75,672. The complaint took place while Oromaner was registered with Cova Capital Partners LLC and it was regarding various securities.
March 2016. “Sixth Claim by Eugene A Mazzarelli: Use of high pressure sales techniques, unsuitable investments, churning, excessive and hidden commissions.” The customer is seeking $750,000 in damages and the case is currently pending. The complaint took place while Oromaner was registered with New Castle Financial Services, LLC, Brookville Capital Partners, LLC, and Legend Securities, Inc. and was regarding common and preferred stocks.
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, his former broker-dealers may be liable for investment or other losses suffered by Oromaner’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.