Oppenheimer Sued By Customer For Churning

Matthew Hugh Hurley, of San Diego, California, a stockbroker formerly registered with Oppenheimer & Co. Inc., has been named in a customer initiated investment related arbitration claim, which settled on November 10, 2016, for $15,000.00 in damages based upon allegations that Hurley failed to execute upon the customer’s stop loss order, and charged the customer with excessive commissions on equity transactions.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Hurley has been named in four additional customer initiated investment related disputes containing allegations of his misconduct while employed with Oppenheimer & Co. Inc., Prudential Securities Incorporated, and Merrill Lynch, Pierce, Fenner & Smith, Inc. In particular, on March 12, 2011, a customer filed an investment related written complaint involving Hurley’s conduct, in which the customer requested $50,000.00 in damages based upon allegations that Hurley effected over-the-counter equity transactions in the customer’s account that were not suitable for the customer.
Subsequently, on April 4, 2003, a customer filed an investment related written complaint regarding Hurley’s activities, in which the customer requested $81,000.00 in damages based upon allegations that Hurley made unsuitable recommendations regarding the purchase of growth oriented mutual funds. On October 30, 2014, a customer filed an investment related written complaint involving Hurley’s conduct, in which the customer requested $20,000.00 in damages based upon allegations that Hurley mismanaged the customer’s investment account due to effecting transactions in risky equities.