Oppenheimer Stockbroker Investigated By FINRA For UIT Misconduct
Martin William Padilla of Los Angeles California a stockbroker formerly registered with Oppenheimer Co. Inc. is referenced in a Financial Industry Regulatory Authority (FINRA) investigation into accusations that Padilla made unsuitable trades of unit investment trusts in customer accounts. Case No. 2018057228701 (Aug. 7, 2020).
FINRA Public Disclosure indicates that Department of Enforcement might proceed with a disciplinary action against Padilla alleging violations of FINRA Rule 2111 and National Association of Securities Dealers (NASD) Rule 2310. The regulator indicated that Padilla’s trading of unit investment trusts potentially failed to be suitable.
Padilla has been identified in two customer initiated investment related disputes concerning accusations of his misconduct while he was employed by Merrill Lynch Pierce Fenner Smith Inc. and Oppenheimer. FINRA Public Disclosure confirms that a customer filed an investment related complaint regarding Padilla’s conduct in which the customer sought $30,000.00 in damages based upon allegations that unsuitable investment recommendations had been made to the customer by Padilla when he was the customer’s financial consultant at Merrill Lynch.
Padilla is the subject of another customer initiated investment related written complaint where the customer requested more than $5,000.00 in estimated damages supported by accusations that Padilla made unauthorized transactions in the Oppenheimer customer’s account.
Padilla’s registration as a stockbroker and investment adviser representative of Oppenheimer has been terminated as of January 26, 2018. He has been a stockbroker and investment adviser representative of B. Riley Wealth Management since January 26, 2018.