Oppenheimer Accused Recommending Unsuitable Exchange Traded Funds
David Warg Best of Bethlehem Pennsylvania a stockbroker and financial advisor formerly registered with Oppenheimer Co. Inc. is referenced in a customer initiated investment related written complaint that was resolved on July 30, 2019 for $18,750.00 in damages founded on accusations of unsuitable exchange traded funds and closed end funds being sold to the customer by Best when he was associated with Oppenheimer. According to the complaint, the customer sustained unwarranted losses on equities held between 2009 and 2018.
FINRA Public Disclosure confirms that Best has been identified in two additional customer initiated investment related disputes concerning allegations of his bad actions while employed by Oppenheimer. On May 1, 2017, a customer filed an investment related complaint involving Best’s activities where the customer sought $30,000.00 in damages supported by accusations that the customer’s equity portfolio had been mismanaged. The claim alleges that Oppenheimer Co. Inc. failed to supervise account transactions that were initiated by the stockbroker.
Best is the subject of another customer initiated investment related written complaint on August 18, 2017 in which the customer requested $1,000,000.00 in damages based upon allegations of Best’s failure to follow the customer’s investment instructions as it pertained to closed end funds and common and preferred stocks. The claim alleges that investments were not suitable for the customer and had been excessively traded in the customer’s Oppenheimer accounts resulting in losses.
Best was registered with Oppenheimer between April 13, 1988 and March 22, 2019.