FINRA Suspends Michael Oromaner

FINRA Suspends Oromaner For Not Paying Aggrieved Client

Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) reports troubling information in regard to securities broker Michael Oromaner [CRD#: 2857559, Syosset, New York]. Mainly, FINRA sanctioned Oromaner for unauthorized trading and failure to comply with legal requirements. But that's not all. At least 13 clients took issue with the securities broker. Several incidents relate to Oromaner's transactions in Cova Capital Partners and Salomon Whitney clients' accounts. In sum, these disclosures suggest that Oromaner caused clients’ losses by making unauthorized and excessive trades. Here’s more:

Michael Oromaner Allegedly Fails To Comply With Award

Notably, on September 12, 2019, FINRA sanctioned Michael Oromaner for non-compliance. Allegedly, Oromaner did not comply with an award issued in FINRA Arbitration #: 18-02744. If not that, then he failed to tell FINRA if he paid the award or was no longer responsible for doing so. Evidently, FINRA suspended Oromaner until he evidences compliance.
Notably, on August 2, 2018, a Cova Capital Partners client filed FINRA Arbitration #: 18-02744 concerning Michael Oromaner. Notably, the client asserted that Oromaner executed unreasonable purchases or sales of investments. He seemingly failed to take into account the client’s goals and risk tolerance. Allegedly, the securities broker overconcentrated the client's account in those unreasonable, risky investments. Supposedly, Oromaner also excessively traded and churned the client’s account. He may have traded primarily to generate commissions from the client. The Statement of Claim also references allegations negligence, breach of contract, and breach of fiduciary duty. As a result, on June 27, 2019, a FINRA Arbitration Panel issued an Award ordering Oromaner to pay the client $75,672 in compensatory damages.

FINRA Suspends, Fines Oromaner For Making Unauthorized, Excessive Trades

Evidently, on November 29, 2017, FINRA issued Acceptance, Waiver and Consent (AWC) #: 2016052559401 sanctioning Michael Oromaner for excessive and unauthorized trading. Specifically, FINRA issued him a two year suspension (December 2017 to December 2019) and $25,000 fine. Supposedly, Oromaner violated NASD Rule 2510(b) and FINRA Rule 2010 by making 41 discretionary trades in a Brookville Capital Partners client’s account. As reported in the AWC, he did not have written permission from the client or the securities firm. Also, he apparently made 67 unauthorized trades in a Legend Securities client’s account.
Oromaner seems to have violated FINRA Rule 2111 by recommending excessive or unreasonable trades that caused the client to experience more than $32,000 in losses. It appears that he also excessively charged a Salomon Whitney or Cova Capital Partners client, who paid $400,000 in commissions but experienced $27,000 in losses through Oromaner’s excessive trading.

Oromaner Allegedly Negligent By Trading In Salomon Whitney Financial Client’s Account

Evidently, a client of Salomon Whitney Financial contested Michael Oromaner’s actions by filing FINRA Arbitration #: 18-01055 on April 3, 2018. Allegedly, Oromaner acted negligently through his recommendations or transactions. He supposedly bought or sold investments without the client’s permission and breached his duties under contract. It seems that the stocks which Oromaner possibly recommended or sold had caused the client to experience losses. Consequently, the client asked for compensatory damages from Salomon Whitney or Oromaner in the amount of $69,433. This matter is pending a resolution.

Michael Oromaner Allegedly Churns Client’s Account

Apparently, on March 18, 2016, a client of New Castle, Brookville and Legend filed FINRA Arbitration #: 16-00405 about Michael Oromaner. Mainly, the client suggested that the securities broker churned the client's investment portfolio. The client indicated that Oromaner excessively traded with the intent to charge the client excessive commissions or fees. Because of Oromaner’s trading, the client experienced losses on common or preferred stocks and over the counter equities. Therefore, the client requested $750,000 in compensation from the securities firms or Oromaner to resolve the allegations of churning and excessive trading. Apparently, this arbitration is pending a resolution.

Did Michael Oromaner Sell You Bad Investments?

Have you experienced losses by investing with Michael Oromaner? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel in regard to possibly recovering your investment losses. Soreide Law Group represents clients on a contingency fee basis and will advance all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities brokers like Oromaner and brokerage firms.