Philip Martin Hanover of Melville New York is a stockbroker formerly registered with Oppenheimer and Co. Inc. who is the subject of a customer initiated investment related arbitration claim where the customer sought one million one hundred eight thousand one hundred fifty-six dollars in damages based upon allegations of (1) churning (2) suitability and (3) breach of fiduciary duty in regard to master limited partnership and equities transactions effected in the customer’s account between 2010 and 2015. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-02978 (Nov. 10 2017).
FINRA Public Disclosure additionally confirms that on April 27, 1999, a customer initiated investment related written complaint pertaining to Hanover’s conduct was settled for $12,000.00 in damages supported by accusations that an account was established without the customer’s permission and that purchases had been made in the customer’s account that the customer never authorized. Moreover, the customer alleged that the customer’s conservative objectives had been communicated to Hanover; however, the customer’s assets were placed into investments which poorly performed.
Hanover’s registration with Oppenheimer & Co. Inc. was terminated on March 6, 2015. He was later associated with Vanderbilt Securities, LLC between March 9, 2015 and December 16, 2016.
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