Energy Sector Losses with Oppenheimer & Co. Inc. Broker Timothy Atyeo?
Posted on Tuesday, April 28th, 2020 at 2:11 pm
Erez Law is currently investigating Oppenheimer & Co. Inc. broker Timothy Atyeo (CRD# 1544728) regarding energy sector losses. Atyeo has been registered with Oppenheimer & Co. Inc. in Fort Lauderdale, Florida since 2003.
Over the past few years, oil prices have significantly declined. A supply glut in 2014 and 2015 led to some of the lowest prices the market has seen in recent years. In turn, securities values also dropped. The volatile energy sector experienced significant turmoil, and many energy companies were negatively impacted when global crude oil prices fell below $40 per barrel at the end of 2015. This was the lowest level since early 2009, as supply was in excess of global demand. Oil and gas companies experienced a spike in bankruptcies, which have left many investors reeling.
Atyeo has been the subject of four customer complaints between 2010 and 2019, one of which was denied, according to his CRD report. Recent complaints are regarding:
July 2019. “Claimants assert claims for negligence, breach of fiduciary duty, misrepresentation and over concentration and speculative trading in the energy sector. From 8/1/2011 – 2/28/2019.” The customer is seeking $1,100,000 in damages and the case is currently pending. The complaint is regarding common and preferred stocks, oil and gas, and master limited partnership (MLPs) losses.
April 2016. “Claimant alleges that respondent recommended unsuitable investments and inappropriately placed them on margin 2010 – 11/2014.” The customer sought $50,000 in damages and the case was settled for $30,000. The complaint 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, Oppenheimer & Co. Inc. may be liable for investment or other losses suffered by Atyeo’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.