Wunderlich Securities of Chicago Broker Stephen M. Oberman, Fined and Suspended by FINRA for Falsifying Signatures

The following information was obtained on FINRA's website from their March 2016 Disciplinary Report.

Stephen M. Oberman (CRD #1309066, Naperville, Illinois)

was fined $10,000 and suspended by FINRA for four months for allegedly falsifying signatures on LOAs requesting fund disbursements from, and changes of address to, the account of a client of his member firm.

FINRA's findings stated that Stephen M. Oberman was assigned to the account of the client that was a trust, and had three trustees. Oberman falsified the signatures of the three trustees on the LOAs by photocopying their signatures from other firm account documents and cutting and pasting those signatures on to the LOAs, which Oberman then submitted to the firm for processing.

After two of the three trustees died, Oberman continued to falsify their signatures. Although Oberman disclosed to the firm that he had falsified the trustees’ signatures, he did not disclose this to the firm until after he learned that two of the three trustees were deceased.

As a result of falsifying the trustees’ signatures on the LOAs, Stephen Mark Oberman caused his firm to create and maintain inaccurate books and records.

The suspension is in effect from February 1, 2016, through May 31, 2016.

(FINRA Case#2014041027001)

Stephen Mark Oberman has been in the securities industry for 31 years and is currently registered since 4/2014 with:

WUNDERLICH SECURITIES, INC.

200 W. MADISON STREET, SUITE 2950, CHICAGO, IL 60606

Oberman was previously registered with:

01/2003 - 04/2014 OPPENHEIMER & CO. INC. - CHICAGO, IL

05/1995 - 01/2003 CIBC WORLD MARKETS CORP. - NEW YORK, NY

If you were a client of Stephen M. Oberman or another broker/financial advisor you felt due to their recommendations was responsible for your investment losses, call for a no-cost consultation with a lawyer specializing in securities at Soreide Law Group: 888-760-6552.

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