Soreide Law Group Files FINRA Arbitration on Behalf of Clients Against OPPENHEIMER & CO

Soreide Law Group has filed a FINRA arbitration on behalf of their clients (Claimants) against:
OPPENHEIMER & CO., INC (Respondents)
The Claimants, a retired, married couple from Texas, were clients of OPPENHEIMER’s registered representative, David Krumrey, CRD# 4121845, for approximately 4 years. The representative has not been named in the law suit.  The main funding source for the Claimants' accounts were their 401Ks. The Claimants, being retired, were trying to use their invested capital to generate income and sustain them through retirement.  The lawsuit alleges that over the last several months alone, their accounts have plummeted over $150K in lost principal due to highly unsuitable investments including but not limited to: Energy XXI, Amarin Corp, Devon Energy Corp, Hyperdynamics Corp., Westport Fuel Systems to name a few.
The lawsuit alleges David Krumrey managed the funds for the Claimants' individual and IRA accounts and charged a 1% annual management fee with all the recommendations allegedly being made by the Krumrey.  The lawsuit alleges his strategy was inappropriate and unsuitable for retirees and it cost the Claimants at least $200,000 of their irreplaceable retirement savings. The Claimants allege they never made money at OPPENHEIMER due to the unsuitable recommendations and money management of Respondents.
Although the damage analysis is presently ongoing, the lawsuit is alleging damages of approximately $200,000.00.
The lawsuit alleges: negligence, breach of fiduciary duty, negligent supervision, and breach of contract.
According to FINRA's BrokerCheck, after 17 years in the securities industry, David Krumrey is no longer registered. Also listed in his BrokerCheck report, Krumrey was terminated in August of 2017 by Oppenheimer for allegedly "attempting to settle a complaint away from the Firm." He had been employed by Oppenheimer since March of 2009.
If you were also a client of OPPENHEIMER & CO and/or registered representative, David Krumrey, and suffered losses due to their actions, recommendations, or lack of supervision of their registered representatives, call Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group represents our clients nationally before FINRA.