Michael Lawrence Oromaner of Syosset New York a stockbroker formerly employed by Cova Capital Partners LLC is the subject of a customer initiated investment related arbitration claim where the customer was awarded $75,672.00 in damages based upon Oromaner being found liable on the customer’s claims including (1) breach of fiduciary duty (2) breach of contract (3) elder abuse (4) negligence (5) churning (6) overconcentration (7) unsuitability and (8) fraud in reference to the mismanagement of the customer’s account and trading of G-III Apparel Group, Taser International and Shake Shack Inc. as part of a short-sale strategy that Oromaner implemented while associated with Cova Capital Partners. FINRA Arbitration No. 18-02744 (June 27, 2019).
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Oromaner is referenced in twelve more customer initiated investment related disputes containing allegations of his misconduct during the period in which he was employed by securities broker dealers including Brookville Capital Partners, Legend Securities Inc. and Salomon Whitney Financial. Specifically, a customer filed an investment related complaint concerning Oromaner’s activities in which the customer requested $50,000.00 in damages based upon accusations that when Oromaner was associated with Brookville Capital Partners, the customer had been inappropriately placed in over-the-counter equities which poorly performed.
Another customer initiated investment related complaint regarding Oromaner’s conduct was resolved for $12,895.65 in damages based upon allegations that when Oromaner was employed by Legend Securities Inc., a series of unauthorized over-the-counter equities transactions were executed in the customer’s account. Oromaner is also referenced in a customer initiated investment related arbitration claim where the customer sought $750,000.00 in damages supported by accusations that trades were executed on an excessive basis; aggressive sales tactics had been utilized to induce the customer’s transactions; the customer’s account was churned; and stock and over-the-counter equities transactions were unsuitable for the customer. FINRA Arbitration No. 16-00405 (Mar. 23, 2016).
Oromaner is additionally the subject of a customer initiated investment related arbitration claim in which the customer requested $69,433.00 in damages based upon allegations that while he was associated with Salomon Whitney Financial: contractual obligations to the customer had been breached; unauthorized trades were executed in the customer’s account; trades failed to be suitable; the customer’s account was handled in a negligent manner; and the account was exposed to churning and excessive trading. FINRA Arbitration No. 18-01055 (Apr. 3, 2018).
FINRA Public Disclosure additionally reveals that Oromaner has been fined $25,000.00 and suspended for two years from associating with any FINRA member in any capacity based upon consenting to findings of Oromaner’s unauthorized and unsuitable trading in a customer’s account. Letter of Acceptance Waiver and Consent No. 2016052559401 (Nov. 29, 2017).
According to the AWC, forty-one trades had been executed by Oromaner on a discretionary basis even though he lacked written consent to exercise discretionary authority. The AWC stated that sixty-seven unauthorized trades had been effected by Oromaner in a different customer’s account, and trades were placed on an excessive and unsuitable basis causing $32,550.00 in losses to that customer. A third customer’s account was also subject of Oromaner’s excessive trading which resulted in the customer incurring $27,608.00 in losses despite that customer having to pay commissions or fees exceeding $400,000. FINRA found Oromaner’s conduct violative of FINRA Rules 2010, 2111 and NASD Rule 2510(b).
Oromaner’s employment with Salomon Whitney Financial has been terminated as of September 30, 2016. Between October 13, 2016 and January 27, 2017, he was associated with Cova Capital Partners. Oromaner has been employed by nine different broker dealers which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
