- August 29, 2022
- Oppenheimer & Co.
David Feigeles (CRD#: 1530561) is a dually registered Broker and Investment Advisor at Oppenheimer & Co., Inc. in Melville, NY.
He entered the securities industry in 1988 and previously worked for CIBC World Markets Corp.; Garban, LLC; Cantor Fitzgerald Securities; Garban Unlimited; Garban Securities, Inc.; and MKI Securities Corp.
Current And Past Allegations Of Conduct Leading To Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in June 2022, a customer dispute was filed against David Feigeles. The allegation states, “Claimant alleges the following against David Feigeles: Breach of Fiduciary Duty and Breach of Duty arising under FINRA Rules; Aiding and Abetting a Breach of Duty; Breach of Contract; Conversion/Money Had and Received; Negligence; Unjust Enrichment; Accounting; Respondeat Superior; Control Person Liability; Failure to Supervise; Suitability, Churning and Unauthorized Trading. December 2012-May 2022.” The customer dispute is pending, and damages of $3.5M are requested.
In addition, David Feigeles has been the subject of one customer complaint, including the following:
- December 2009 — “CLAIM ALLEGES EXCESSIVE AND UNSUITABLE TRADING IN 2008. CLAIM ALLEGES MR. FEIGELES FAILED TO SUPERVISE THE BROKERS WHO SERVICED THE CLIENTS ACCOUNT.” The customer dispute was settled for $2.22M.
For a copy of David Feigeles’s FINRA BrokerCheck, click here.
We Help Investors Recover Investment Losses
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.
Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.
Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s age, tax status, time horizon, liquidity needs, and risk tolerance; a client’s other investments, financial situation and needs, investment objectives, and any other information disclosed by the customer should also be considered.
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