The investment loss recovery team at Soreide Law Group provides you with this Investor Alert in regard to securities broker David Wayne Krumrey (CRD#: 4121845, The Woodlands, Texas). The securities broker, who worked for Oppenheimer from 2009 to 2017, is targeted in at least 6 investor disputes. Not only that, but FINRA barred Krumrey as a securities broker. These disclosures indicate that he may have breached a fiduciary duty to his investor clients causing them to face losses or damages. Here’s more.
Evidently, Oppenheimer clients took aim at David Krumrey via an April 2020 FINRA Arbitration Claim. Mainly, the clients allege that Krumrey breached a fiduciary duty, failing to place their interests first. It seems that the securities broker or Oppenheimer negligently caused the clients to invest in stocks and oil and gas securities from 2016 to 2017. Supposedly, this includes investments in VXX (Barclays iPath Series B SP500 VIX Short-Term Futures ETN). In addition, the client indicated that the securities broker breached a contract through mismanaging their account. For this reason, the client demanded $300,000 in compensation in this ongoing matter.
Also, a client of Oppenheimer brought a lawsuit in July 2019 regarding David Krumrey’s sales practices. First of all, the client alleged that Krumrey made unsuitable VXX trades. Secondly, the client alleged breach of fiduciary duty, suggesting that Krumrey may have placed his interests before the client’s interests in the VXX transactions. The lawsuit also alleges the violation of securities laws and negligent supervision by Oppenheimer. Because of this, the client received $75,000 in compensation to settle this matter.
Apparently, a third Oppenheimer client contested David Krumrey’s trading practices from 2009 to 2018. In this June 2018 FINRA Arbitration Claim, the client alleged that Krumrey or Oppenheimer violated securities laws. Supposedly, Krumrey negligently misrepresented information about VXX. It is possible that the client relied on bad information when investing in VXX. On top of that, the client alleged breach of contract and breach of fiduciary duty. Ultimately, the client received $150,000 in a settlement.
Evidently, a fourth client of Oppenheimer filed a FINRA Arbitration Claim about David Krumrey in February 2018. Particularly, the client alleged violation of Louisiana securities law and negligent supervision on the part of Oppenheimer. Apparently, the securities firm breached its fiduciary duty in regard to exchange traded notes transactions. The client supposedly sustained losses on Amarin Corp. PLC ADR, Barclays ETNs, and Energy XXI Limited. Evidently, the Panel sided with the client and ordered Oppenheimer to pay $240,944.42 in compensatory damages.
Notably, FINRA barred David Krumrey in 2018 which means that he cannot be a securities broker for a FINRA-member firm. It is possible that FINRA inquired into the securities broker’s trading activities or the basis behind Oppenheimer disaffiliating with him. Either way, Krumrey did not respond to FINRA’s request for information. FINRA’s bar became effective on April 6, 2018.
Have you experienced losses because of Krumrey? If so, contact Soreide Law Group at (888) 760-6552 and speak with our securities attorney about a possible recovery of your investment 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 fallen victim to financial advisor and securities broker misconduct. FINRA BrokerCheck indicates that Krumrey denies all allegations of his sales practice violations.
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