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Erez Law Investigating Claims Involving Allen Hugo Reichman (Irvington, New York)

Posted on Wednesday, April 9th, 2014 at 8:02 am    

Erez Law is investigating claims regarding Allen Hugo Reichman (CRD #1002285, Irvington, New York), also known as Allen H. Reichman. Reichman recently submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. See FINRA Case #2010022584502. Reichman was registered with Ladenburg Thalmann & Co., Inc., in New York NY, from October 2010 until October 2012. Reichman previously was registered with Oppenheimer & Co., Inc., in New York, NY from June 2006 until his termination in March 2010.

Without admitting or denying FINRA’s findings, Reichman consented to the permanent bar and to the entry of findings that he failed to appear for FINRA-requested testimony. FINRA is investigating whether a $30 million margin loan issued by Reichman’s member firm was used as part of an insurance fraud scheme that left an Oklahoma-based insurance company in receivership. Reichman has been charged with conspiracy to commit wire fraud in connection with the alleged scheme.

Pursuant to FINRA Rules, Ladenburg Thalmann and Oppenheimer were responsible for properly supervising Reichman’s activities during the time Reichman was registered with each firm. Therefore, Ladenburg Thalmann and Oppenheimer may be liable for investment or other losses suffered by Reichman’s customers.

If you were a client of Reichman, Ladenburg Thalmann or Oppenheimer, and have suffered investment losses or financial irregularities, please contact Erez Law to explore your legal options. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies. To learn more, please call us at 888-840-1571 or complete our “contact form.”