Robert Bruce Cline of Rochester Michigan a stockbroker formerly employed by Oppenheimer Co. Inc. is the subject of a customer initiated investment related arbitration claim in which the customer requested more than $5,000.00 in damages based upon allegations that between 2007 and 2017: (1) fiduciary obligations to the customer were breached (2) the customer’s penny stock transactions were not supervised (3) contractual terms were breached (4) stock transactions were effected in the customer’s account that were not suitable and (5) the customer was defrauded. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-03146 (Nov. 21, 2017).
FINRA Public Disclosure confirms that Cline is referenced in six more customer initiated investment related disputes pertaining to accusations of his violative conduct during the period that he was associated with Lehman Brothers, Inc., Manley, Bennet, McDonald & Co., and Merrill Lynch, Pierce, Fenner & Smith Inc. Particularly, Cline was named in a customer initiated investment related arbitration claim where the customer was awarded $19,688.00 in damages based upon Cline being found liable on the customer’s claims of breach of fiduciary duty, breach of contract, negligence and securities law violations relating to the customer’s brokerage accounts and individual retirement accounts. National Association of Securities Dealers (NASD) Arbitration No. 99-02160 (Jan. 9, 2002).
On April 24, 2003, another customer initiated investment related complaint concerning Cline’s activities was resolved for $94,034.81 in damages supported by allegations that it was inappropriate for the customer’s life insurance policy to have been exchanged into annuity products. Subsequently, a customer initiated investment related arbitration claim involving Cline’s conduct was settled for $40,000.00 in damages founded on accusations that trades were executed in the customer’s account on an excessive basis; transactions were effected in the customer’s account that were not suitable for the customer; and misrepresentations had been made to the customer concerning equity trades. NASD Arbitration No. 02-03264 (Dec. 2, 2004).
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