- June 16, 2021
- Oppenheimer & Co.
Jeffrey Warren (CRD#: 2707969) was previously a dually registered Broker and Investment Advisor at Oppenheimer & Co., Inc. in Boca Raton, FL. He entered the securities industry in 1996 and previously worked for Wachovia Securities, LLC; UBS Financial Services, Inc.; and Prudential Securities, Inc.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in May 2021, FINRA sanctioned Jeffrey Warren, barring him from all capacities for an indefinite period starting May 28, 2021. The FINRA sanction states, “Without admitting or denying the findings, Warren consented to the sanction and to the entry of findings that he refused to produce information and documents requested by FINRA in connection with its investigation into a gift that he received from a former customer of his member firm. The findings stated that this matter arose out of a complaint from a beneficiary of the deceased customer regarding the gift the customer provided to Warren prior to the customer’s death.”
For a copy of the FINRA sanction, click here.
In addition, Jeffrey Warren has been the subject of four customer complaints, including one that remain pending, including the following:
● May 2021–”CLIENT ALLEGES THAT INVESTMENTS WERE UNSUITABLE AND MISREPRESENTED. TIME PERIOD IS JUNE 2009, MAY 2010 AND FEBRUARY 2020.” Damages of $30,000 are sought.
● February 2021–”AS PART OF AN ESTATE DISPUTE, A BENEFICIARY OF THE TRUST ALLEGES A CHECK WAS DEPOSITED WITHOUT THE BENEFICIARIES CONSENT. TIME PERIOD IS JANUARY 2021.” The customer dispute was denied.
● Februar 2008–”ATTORNEY ON BEHALF OF FLORIDA RESIDENTS STATES IN WRITING HIS CLIENTS FA RECOMMENDED TWO UNITS AND ADVISED HIS CLIENTS’ THERE WAS A 1% FEE. CLIENTS RECENTLY DISCOVERED THE FEES ARE IN EXCESS OF 1%. MOREOVER, CLIENTS ARE CONCERNED ABOUT THE POOR PERFORMANCE OF THE UNITS AND CLIENTS FEEL MISLED BY FA ABOUT THE SAFETY OF THE INVESTMENTS. ATTORNEY DOES NOT STATE DAMAGE AMOUNT, BUT LOSSES ARE ESTIMATED TO BE $5,080.” The customer dispute was denied.
● September 2003–”CUSTOMERS VERBALLY STATED THAT PURCHASES IN THE CUSTODIAL ACCOUNTS WERE UNSUITABLE. ALLEGED DAMAGE: ESTIMATED TO EXCEED $5000.” The customer dispute was settled for $14,000.
For a copy of Jeffrey Warren’s FINRA BrokerCheck, click here.
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 agee, 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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