Michael L. Oromaner of Farmingdale, New York, a stockbroker formerly with Salomon Whitney Financial, and now associated with Cova Capital Partners is subject to a pending customer dispute from March 23, 2016, where a customer requested $750,000.00 in damages in connection with allegations against Oromaner of utilizing high pressure sales techniques, effecting unsuitable investment transactions, churning the accounts of customers, and charging excessive commissions.
FINRA Public Disclosure reveals that Oromaner has previously been subject to sixteen customer disputes and regulatory discipline. Particularly, on December 2, 2014, a customer requested $12,895.65 in damages in connection with a dispute against Oromaner, where the customer alleged that Oromaner engaged in the unauthorized trading of the customer’s investment account. On June 12, 2013, Oromaner became subject to a customer dispute in which the customer requested $50,000.00 in damages based upon allegations that Oromaner was responsible for the customer’s poor investment performance.
On May 11, 2010, Oromaner was fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after he consented to findings that he failed to abide by a customer’s instructions to place a stop loss order on the customer’s investment account. FINRA found that Oromaner had violated NASD Rule 2110 in this regard.
On September 8, 1999, Oromaner settled a customer dispute for $4,251.00 after the customer alleged that Oromaner engaged in the unauthorized trades in the customer’s account. On September 29, 1999, Oromaner settled a customer dispute for $6,396.00 after the customer alleged that Oromaner did not abide by the customer’s instructions and engaged in unauthorized trading. Oromaner also settled a customer dispute for $150,000.00 on February 19, 2002, in which the customer alleged that Oromaner acted inappropriately with respect to the customer’s margin account.
On May 8, 2002, Oromaner became subject to a customer dispute in which the customer requested $331,165.00 in damages amid allegations against Oromaner of engaging in trades in the customer’s account without permission. Oromaner was again accused by a customer of unauthorized trading per a customer dispute on July 2, 2006, in which the customer requested $13,000.00 in damages. On August 30, 2007, a customer received a $29,277.00 award against Oromaner based upon the allegation that Oromaner engaged in unauthorized trading.
Since 1997, Oromaner has been associated with seventeen (17) different broker dealers, fifteen (15) of which, almost 90 percent, have been expelled by securities regulators for violation of the federal securities laws or are otherwise defunct.
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
