Investors Bring Arbitration Claims Against Oppenheimer

Michael Robert Greenfield of Boca Raton Florida a stockbroker formerly associated with Oppenheimer Co. Inc. has been referenced in a customer initiated investment related arbitration claim in which the customer requested $100,000.00 in damages supported by allegations of the violation of FINRA rules by Greenfield concerning oil and gas master limited partnership transactions that were facilitated by the stockbroker during the period that he was employed by Foreside Fund Services LLC and Oppenheimer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-00072 (Mar. 10, 2020).

According to the claim, a fiduciary duty that was owed to the customer was breached. An investment agreement was allegedly violated by the stockbroker. Claims of negligent supervision and negligence had also been made in regard to Greenfield’s activities at Foreside and Oppenheimer.

Greenfield has been identified in seven additional customer initiated investment related disputes containing allegations of his misconduct while employed by GMS Group, NYLife Distributors, Morgan Stanley Smith Barney and Oppenheimer. FINRA Public Disclosure reveals that a customer initiated investment related complaint involving Greenfield’s conduct was settled to resolve allegations of unsuitable bonds for the Morgan Stanley Smith Barney customer.

Another customer initiated investment related arbitration claim concerning Greenfield’s activities was resolved for $35,000.00 in damages founded on accusations that municipal debt products recommended by Greenfield failed to be suitable for the customer. The claim also alleges a breach of fiduciary duty by Greenfield when he was employed by Morgan Stanley. Greenfield has also been identified in a customer initiated investment related arbitration claim which was resolved for $15,000.00 in damages founded on accusations of bad investment recommendations being made to the GMS Group customer pertaining to structured notes and a closed end fund.

On May 31, 2017, another customer initiated investment related complaint pertaining to Greenfield’s conduct was settled for $10,000.00 in damages supported by allegations of misrepresentations concerning mutual fund purchases facilitated by Greenfield at Oppenheimer. On May 7, 2019, an additional customer filed an investment related arbitration claim in reference to Greenfield’s conduct where the customer sought $200,000.00 in damages based upon accusations that the customer had been placed into bad oil and gas master limited partnerships and that Greenfield’s actions reflected negligence and a breach of both a fiduciary duty and a contract. FINRA Arbitration No. 19-00297.

Greenfield is also the subject of a customer initiated investment related arbitration claim which was settled for $15,000.00 in damages based upon allegations of the failure to supervise Greenfield’s municipal debt trades on the part of Morgan Stanley and Oppenheimer as well as GMS Group. The claim alleges that omissions and misrepresentations had been made by the stockbroker. A written and oral contract had allegedly been breached and the customer had been defrauded. The claim also alleges a breach of fiduciary duty by Greenfield. FINRA Arbitration No. 17-01558 (Oct. 8, 2019).

Greenfield has been identified in another customer initiated investment related arbitration claim where the customer sought $100,000.00 in damages founded on accusations of negligence and the violation of FINRA Rules in regard to the customer’s purchase of oil and gas MLPs and Puerto Rico bonds. FINRA Arbitration No. 20-00032 (Feb. 24, 2020). The claim alleges that transactions were made in violation of contract and that they had been poorly supervised by Oppenheimer and Foreside.

Since June 6, 2017, Greenfield has been employed by Newbridge Securities Corporation, often the securities broker-dealer of last resort for individuals with Greenfield’s Disclosure Record.