The Financial Industry Regulatory Authority (FINRA) reports troubling allegations of misconduct against Oppenheimer & Co. Inc. (“Oppenheimer”) securities broker Eliezer “Larry” Shatzkamer (CRD#: 812916, Jericho, New York). Mainly, at least eight of Shatzkamer’s clients, including one at Oppenheimer, brought disputes about his sales practices. All but one of those disputes settled or otherwise resulted in payments to clients. These disputes indicate that Shatzkamer may have inappropriately sold securities to investors who experienced losses or poor performance.
A client of Oppenheimer brought a complaint to the firms’ attention on April 11, 2018, Mainly, the client suggested that Larry Shatzkamer sold unreasonable and unnecessary stocks. Supposedly, Shatzkamer made stock trades that were not suitable considering the client’s investor profile and risk tolerance. In order to resolve these allegations of Shatzkamer’s unsuitable trading, Oppenheimer agreed on March 4, 2019 to pay the client $30,000.
FINRA BrokerCheck shows that Shatzkamer worked for Prime Charter before joining Oppenheimer. A client of Prime Charter brought an investment dispute about Larry Shatzkamer’s sales practices. First of all, the client alleged that Shatzkamer churned the client’s investment account. The client indicated that Shatzkamer traded mainly to generate commissions or fees. Secondly, Shatzkamer allegedly made inappropriate OTC equities trades. Finally, the client indicated that Shatzkamer made guarantees against the client’s losses. For this reason, Prime Charter settled this matter by paying the client $27,000.
Evidently, Shatzkamer was found liable in one dispute for selling unsuitable and misrepresented investments, and breaching a fiduciary duty. Most disputes concern his allegedly unsuitable sales practices. Experienced losses due to Larry Shatzkamer? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.
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