Warning: IVAN SHORE of Oppenheimer SUSPENDED – New York, NY
Ivan Shore, with Oppenheimer & Co., Suspended Three Months from Securities Industry
Have you lost money with financial advisor Ivan Shore of New York, New York? We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against Ivan Shore. FINRA suspended Shore from the securities industry for three months and fined him $5,000 after he was alleged to have engaged in short-term trading of Unit Investment Trusts (or UITs) in customer accounts.
UITs are not designed for short-term trading because of their commissions and costs of trading. Between July 2011 and December 2015, Ivan Shore recommended on 240 occasions that his customers sell their UITs before maturity and then purchase a subsequent series of the same UIT. FINRA alleged this to be unsuitable in view of the frequency and costs of trading, which can be as high as 3.95%.
Ivan Shore has been a financial advisor and registered representative of Oppenheimer & Co. from 1997 to the present. He worked at branch offices in New York, New York.
Brokerage firms like Oppenheimer & Co. have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Ann Arbor, Michigan; Phoenix, Arizona; and Seattle, Washington. We represent investors in FINRA arbitration in all 50 states, including investors in New York. Our attorneys have represented over one thousand investors against numerous firms, including against Oppenheimer.
If you lost money with Ivan Shore or Oppenheimer & Co., please CONTACT US at 720-599-3505 for a free evaluation of your case.
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