Oppenheimer Accused By Investors Of Churning
Patrick Jude Esparrago of New York New York a stockbroker formerly registered with Oppenheimer Co. Inc. is referenced in a customer initiated investment related written complaint on February 17, 2017 in which the customer sought damages estimated to exceed $5,000.00 founded on accusations that between June of 2014 and December of 2015: (1) the customer had been sold equities that were not suitable for the customer and (2) the customer’s investment portfolio had been churned while Esparrago was responsible for handling the customer’s account.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Esparrago has been identified in three more customer initiated investment related disputes containing allegations of his misconduct while employed with Oppenheimer Co. Inc., First Republic Group LLC and Bluestone Capital Partners L.P. In particular, on June 15, 2000, a customer initiated investment related complaint regarding Esparrago’s activities was resolved for $9,999.00 in damages based upon accusations that when Esparrago was associated with Bluestone Capital Partners L.P., over-the-counter equities trades were placed in the customer’s account without the customer’s permission.
Subsequently, Esparrago was subject of a customer initiated investment related arbitration claim where the customer was awarded $4,000.00 in damages based on Esparrago being found liable on the customer’s claims of Esparrago making omissions and misrepresentations concerning stocks that he advised the customer to purchase while associated with First Republic Group LLC; and Esparrago being negligent in the handling of the customer’s investment accounts, causing the customer to incur investment losses. National Association of Securities Dealers (NASD) Arbitration No. 02-00186 (Apr. 28, 2003).
Thereafter, a customer initiated investment related complaint involving Esparrago’s conduct was settled for $75,000.00 in damages supported by allegations that there was a breach of both contractual and fiduciary obligations to the customer; transactions effected in the customer’s account were not suitable; and the customer’s investments in exchange traded funds, equities and over-the-counter equities had been churned. FINRA Arbitration No. 15-00541 (June 16, 2016).
Esparrago’s registration with Oppenheimer Co. Inc. has been terminated as of January 19, 2016. Esparrago was associated with National Securities Corporation between January 8, 2016 and May 7, 2018. Since May 10, 2018, Esparrago has been associated with Aegis Capital Corp.