Erez Law Investigates Former Oppenheimer & Co. Inc. Broker Michael Sandberg
Posted on Monday, March 8th, 2021 at 6:37 pm
Did you lose money investing with former Oppenheimer & Co. Inc. broker Michael Sandberg (CRD# 1949867)? Sandberg has been registered with Ameriprise Financial Services, LLC in Boca Raton, Florida since November 2019. Previously, Sandberg was registered with Oppenheimer & Co. Inc. in Boca Raton, Florida from 2014 to 2019.
In October 2005, Sandberg was sanctioned to pay a $10,000 fine regarding, “frequent buying and selling of mutual funds resulting in clients paying significant sale charges”.
Sandberg has been the subject of 10 customer complaints between 1995 and 2020, according to his CRD report. The most recent complaint is regarding:
December 2020. “Claimant asserts claims for fraud, breach of fiduciary duty, negligence, gross negligence and breach of contract in connection with allegedly unsuitable investments in annuities and ETFs. From 4/1/2014 to 9/30/2020.” The customer is seeking $100,000 in damages and the case is currently pending. The complaint was regarding variable annuities and exchange traded funds (ETFs) and took place while Sandberg was registered with Oppenheimer & Co. Inc.
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 Sandberg’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you 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.