Oppenheimer & Co. Inc. Financial Advisor Paul Colchamiro Has Pending $2 Million Customer Complaint for Excessive and Unauthorized Trades
Posted on Wednesday, July 18th, 2018 at 2:38 pm
Erez Law is currently investigating Oppenheimer & Co. Inc. financial advisor Paul Colchamiro (CRD# 2039083) regarding excessive and unauthorized trading in customer accounts. Colchamiro has been registered with Oppenheimer & Co. Inc. in Melville, New York since 1998.
In March 2017, a former customer of Colchamiro filed a FINRA arbitration alleging, “Suitability, churning, failure to supervise. From 12/2010 to 12/20/2016.” The customer is seeking $2 million in damages and the case is currently pending.
According to publicly available information, the Long Beach, New York customers were victims of excessive unauthorized trading in numerous initial public offerings (IPOs) and other very risky investments as a result of Colchamiro’s recommendations.
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 Colchamiro’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.