group of investors

Oppenheimer & Co FINRA-Registered Broker and Investment Advisor Michael Howard Rosenmayer Charged with Unsuitable Investment Recommendations and Other Misconduct in Customer Disputes

By: Reif Law Group, P.C.

Michael Howard Rosenmayer (CRD # 2352488) is a broker and investment advisor who has been employed at Oppenheimer & Co. Inc in Los Angeles since 2007 and was previously employed by RBC Dain Rauscher, Prudential Securities Incorporated, and M.L. Stern & Co., LLC. Rosenbaum has been involved in numerous customer disputes since 2000:

  • In July 2018, Rosenmayer was accused of unsuitability, fraud, breach of contract, breach of fiduciary duty, and violating the California Securities Act and the state’s elder abuse statute in connection with the purchase of $300,000 of Puerto Rico bonds in the claimant’s account. 
  • In January 2018, a trustee alleged that Rosenmayer made an unsuitable municipal bond purchase. Oppenheimer repurchased the bond at the market price for slightly higher than the customer originally paid.
  • In May 2016, Rosenmayer was charged with $430,000 in claims arising from unsuitable investments, negligence, and breach of contract. Oppenheimer was charged with failure to supervise. The parties settled the matter for $37,500. 
  • In July 2014, Rosenmayer was accused of misrepresentation and omission regarding the purchase of approximately $40,698.83 in securities that were inappropriate for the customer based on their health and age. 
  • In July 2014, a customer alleged that Rosenmayer omitted information regarding the purchase of approximately $280,000 in securities that were inappropriate based on the customer’s age and health.
  • In March 2010, Rosemayer was accused of making investment recommendations between 2007 and 2008 of approximately $220,000 and giving imprudent advice to a client who was too ill to make financial decisions. The parties settled for $55,000.
  • In December 2009, Rosenmayer was charged with misrepresentations and omissions regarding the purchase of $5,450,000 in auction-rate securities (ARS) between December 2007 and January 2008. The claimant was compensated $120,000, and Oppenheimer agreed to repurchase all their ARS positions by the end of 2014.
  • In October 2009, a customer alleged that Rosenmayer made an unsuitable investment in a $15,000 corporate bond in February 2006 while he was employed at RBC Dain Rausher Inc., which went bankrupt in 2008. The claimant transferred his account to Oppenheimer at that time but lost his investment. The claimant was awarded approximately $17,000. 
  • In June 2009, Rosenmayer was accused of making unsuitable investments in a customer’s account between May and June 2008.
  • In June 2009, Rosenmayer was accused of making unsuitable investments in a customer’s account between December 2008 and June 2008.
  • In February 2006, while he was employed at  RBC Dain Rausher, Rosenmayer was accused of not fully disclosing the risks associated with a $52,000 investment in ABN AMRO Notes linked to Nortel Networks common stock.
  • In October 2005, Rosenmayer was charged with making an unsuitable recommendation to transfer $50,000 in municipal and government bonds to corporate bonds between October 2004 and June 2005. Claim settled for $9,500.
  • In April 2005, Rosenmayer was charged with misrepresenting the quality of GM Acceptance Corp. bonds valued at $30,000. Claim settled for $15,000.
  • In May 2004, Rosenmayer was charged with misrepresenting the features of $130,000 in Federal Home Loan Bank investments. Claim settled for $92,500.
  • In March 2004, Rosemayer was accused of failing to disclose the risks associated with Nortel Networks corporate bonds valued at $23,500.
  • In August 2001, while he was employed at Prudential Securities, Rosenmayer was charged with making unsuitable investments of approximately $68,000 in corporate bonds. Claim settled for approximately $51,000.
  • In March 2001, while he was employed with ML Stern, Rosenmayer was charged with failing to inform a client of the risks associated with an $80,000 investment in corporate bonds. ML Stern settled the case outside of arbitration and fired Rosenmayer.
  • In October 2000, Rosenmayer was charged with making unsuitable investments in a customer’s account of approximately $53,000. Claim settled for just over $52,000.
  • In February 2000, Rosenmayer was accused of purchasing a high-yield bond of $17,000 that was inconsistent with the client’s investment objectives.
  • In January 2000, Rosenmayer was accused of investing $50,000 in corporate bonds for a client seeking aggressive investments. 

Our firm is investigating claims of investment losses by current and former customers of Michael Howard Rosenmayer and his current employer, Oppenheimer & Co. Inc.

We Can Help Recover Your Investment Losses

If you suffered investment losses resulting from unsuitable investment recommendations, fraud,  misrepresentation, breach of fiduciary duty, or other misconduct by MICHAEL HOWARD ROSENMAYER or Oppenheimer & Co. Inc., contact Reif Law Group immediately. You have powerful legal recourse under federal and state securities laws, but exercising your legal rights requires your immediate attention. Time is of the essence. The sooner you contact us, the sooner we can start working on recovering your investment losses. Don’t wait. Contact us today for a free consultation.