Guy Bernard Deemer, of Sewickley, Pennsylvania, a stockbroker formerly registered with Oppenheimer & Co. Inc., has been terminated by his firm on September 1, 2015, based upon allegations that Deemer did not abide by Oppenheimer’s policies which pertained to the way customers would be charged for services.
FINRA Public Disclosure reveals that Deemer has been identified in eight other disclosure events concerning allegations of misconduct. Particularly, on March 22, 1999, a customer was awarded $9,000.00 in damages according to an investment related arbitration claim involving Deemer’s conduct, based upon allegations that Deemer effected unsuitable and unauthorized investment transactions in the customer’s account.
On April 5, 2007, a customer initiated investment related arbitration claim involving Deemer’s conduct was settled for $17,000.00 in damages based upon allegations that Deemer mismanaged the customer’s equity trading account, and effected unauthorized stock trades. On November 16, 2009, a customer initiated investment related arbitration action regarding Deemer’s activities was settled for $20,000.00 in damages based upon allegations that Deemer effected transactions in the customer’s account without the customer’s approval.
Between December 3, 2009 and December 1, 2010, two additional customers filed arbitration actions concerning Deemer’s conduct, based upon allegations that Deemer effected trades in the customers’ accounts without having proper authorization. Further, on July 7, 2014, a customer initiated investment related arbitration claim involving Deemer’s activities was settled for $115,000.00 in damages based upon allegations that from July of 2009 to December of 2013, Deemer effected trades in the customer’s account in an excessive manner.
Additionally, on September 18, 2013, Deemer was fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity based upon consenting to findings that Deemer, while working with Stifel, Nicolaus & Company, Inc., failed to provide material information to customers concerning investment transactions. Letter of Acceptance, Waiver and Consent, No. 2009020617701 (Sept. 18, 2013).
According to the AWC, Deemer failed to indicate to customers that bank stocks were being recommended to them while Deemer was buying and selling the stocks from his investment account on the very same day. Particularly, Deemer was reportedly on the opposite side of a transaction in sixty-four orders, where he did not inform customers that he would be selling or buying those bank securities from his account within the day. FINRA found that Deemer’s conduct was violative of NASD Rule 2110 and FINRA Rule 2010.
Since September 22, 2015, Deemer has been registered with IFS Securities. Since 1994, Deemer has been associated with eight different broker dealers, one of which has been expelled by securities regulators for violation of federal securities laws or is otherwise defunct.
Guiliano Law Group
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