Michael Puma Linked To Oppenheimer Investor Complaint About Breach Of Fiduciary Duty

Investors potentially incurred losses because of securities broker Michael Salvatore Puma [CRD: 2460247, New York, New York], according to public information on Financial Industry Regulatory Authority (FINRA) BrokerCheck. It appears that Puma worked for Oppenheimer Co. Inc. from January 2, 2002, to December 31, 2022. Keep reading to find out more about the disclosures involving this previously registered broker.

Oppenheimer Investor Accused Puma Of Negligence, Unsuitable Advice

Notably, an Oppenheimer client filed FINRA Arbitration No. 23-01976 about Michael Puma. Mainly, the client alleged that Puma breached his fiduciary duty, was negligent, breached a contract, made unsuitable recommendations, and churned accounts in connection with trading and margin activity. Because of this, the client allegedly incurred damages relating to stocks and options. Therefore, on October 25, 2024, Oppenheimer settled this matter by paying the client $60,000 in damages.

Michael Puma Disclosed Unauthorized Trading Allegations By Oppenheimer Client

Evidently, a client of Oppenheimer contested Michael Puma’s sales practices, based on a complaint dated July 29, 2008. Allegedly, Puma engaged in unauthorized trading. It appears that Puma allegedly caused the client to sustain damages linked to mutual funds. Consequently, the client sought compensation from Oppenheimer or Puma in the amount of $5,000 in this matter. However, the firm denied this complaint.

Josephthal Client Accused Puma Of Unauthorized Trading

Particularly, on January 14, 2000, a Josephthal Co. Inc. client filed a complaint about Michael Puma. Primarily, the client alleged that Puma engaged in unauthorized trading concerning the sale of CICI shares. For this reason, the client allegedly sustained damages connected to stocks. As a result, the client requested $6,000 in compensation from Josephthal or Puma. However, the firm denied this complaint.

Did You Sustain Losses Because Of Financial Advisor / Securities Broker Michael Puma?

Do you need clarification on any investment losses relating to Michael Puma? You can contact Soreide Law Group at (888) 760-6552 or online and consult with a securities attorney regarding a possible recovery of your investment losses. Soreide Law Group has recovered losses for investors throughout the United States. Also, the firm works on a contingency fee basis and advances all costs. Puma and brokerage firms Puma worked for deny allegations of sales practice violations.