The Financial Industry Regulatory Authority (“FINRA”) BrokerCheck report for securities broker David Phillip Brandt (CRD#: 28908, St. Louis, Missouri) contains investor disputes. Evidently, Brandt is an Oppenheimer securities broker (January 2003 to present) and an Oppenheimer financial advisor (November 2007 to present). Let’s take a closer look at the disclosures in which Oppenheimer clients allege losses or damages.
In an April 2020 FINRA Arbitration Claim, a client of Oppenheimer alleges that no one discussed the risks, redemption options, and the suitability of an annuity that the client seemingly bought through Oppenheimer. Allegedly, David Brandt sold or recommended this annuity to the client. Suitability can relate to a client’s investment objectives, financial needs, risk tolerance and liquidity needs. For this reason, the client asked for more than $59,000 in compensation. However, it appears that Oppenheimer denied the client’s complaint in May 2020.
Evidently, a client of Oppenheimer came forward to contest David Brandt’s MLP solicitation. Specifically, in this May 2017 complaint, the client contended that Brandt improperly solicited a master limited partnership investment. Supposedly, this MLP contained high risks. However, the securities firm denied the client’s complaint.
In a third dispute on David Brandt’s BrokerCheck record, a client referred to their OTC equity position being sold seemingly without their knowledge. It appears that this client withdrew the complaint about the transaction.
Evidently, before working for Oppenheimer, David Brandt worked as a CIBC World Markets Corp financial advisor and securities broker. It appears that a client of that firm took issue with Brandt’s actions. Specifically, the client indicated that Brandt put them in inappropriate investment vehicles. Allegedly, the securities broker caused the client to sustain $40,000 in damages. However, CIBC World Markets Corp denied this complaint.
Did you experience losses because of David Brandt? If so, call Soreide Law Group at (888) 760-6552 and speak with an accomplished securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who lost money because of their financial advisors and securities brokers. Keep in mind that Brandt denies allegations of his sales practice violations.
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