• October 20, 2023
• Oppenheimer & Co.

Gustavo Miramontes (CRD#: 2338966) is a registered broker at Oppenheimer & Co. Inc., in Los Angeles, CA.

Broker’s Background

He entered the securities industry in 1996. He previously worked for Wedbush Securities, Inc.; Wells Fargo Advisors, LLC; Southwest Securities, Inc; and M.L Stern & Co., LLC.

Current and Past Allegations of Conduct Leading to Investment Loss

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in September 2023, Gustavo Miramontes became the subject of a customer dispute where claimants alleged, “claims for breach of fiduciary duty, churning, negligence, negligent misrepresentation, falsifying account documentation, unauthorized trading as well as violations of FINRA rules and state securities laws. 01/2019 – 06/2023.” The damage amount requested is $151,477. The customer dispute is still pending.

In addition, Gustavo Miramontes has been the subject of thirteen other disclosures, which include the following:

• December 2021—“ CLIENT ALLEGES THAT UNAUTHORIZED TRANSACTIONS TOOK PLACE IN THEIR ACCOUNT, AND THAT INVESTMENTS WERE UNSUITABLE. NO TIME PERIOD SPECIFIED, BUT INVESTMENTS TOOK PLACE BETWEEN JULY 2019 – NOVEMBER 2021.” The customer dispute settled for $7,558.
• December 2021—“ CLIENT ALLEGES THAT UNAUTHORIZED TRANSACTIONS TOOK PLACE IN THEIR ACCOUNT, AND THAT INVESTMENTS WERE UNSUITABLE. NO TIME PERIOD SPECIFIED, BUT INVESTMENTS TOOK PLACE BETWEEN JULY 2019 – NOVEMBER 2021.” The damage amount requested was $11,000. The customer dispute settled for $8,149.
• December 2021—“ CLIENT ALLEGES THAT UNAUTHORIZED TRANSACTIONS TOOK PLACE IN THEIR ACCOUNT, AND THAT INVESTMENTS WERE UNSUITABLE. NO TIME PERIOD SPECIFIED, BUT INVESTMENTS TOOK PLACE BETWEEN JULY 2019 – NOVEMBER 2021.” The customer dispute settled for $7,957.00.
• December 2021—“ CLIENT ALLEGES THAT UNAUTHORIZED TRANSACTIONS TOOK PLACE IN THEIR ACCOUNT, AND THAT INVESTMENTS WERE UNSUITABLE. PERIOD IS OCTOBER 2018 THROUGH 11/30/2021.” The customer dispute settled for $8,222.
• November 2021—“ CLIENT ALLEGES THAT UNAUTHORIZED TRANSACTIONS TOOK PLACE IN THEIR ACCOUNT, AND THAT INVESTMENTS WERE UNSUITABLE. TIME PERIOD IS SEPTEMBER 2018 TO PRESENT.” The customer dispute settled for $7,981.
• April 2019—“ Client demanding that a trade should be rescinded due to the former financial advisor misrepresenting the facts surrounding the bond purchased on 6/4/2018.” The damage amount requested was $24,302.83. The customer dispute settled for $24,302.83.
• November 2018—“ CLIENT ALLEGES SHE DID NOT AUTHORIZE CERTAIN BOND TRANSACTIONS WHICH TOOK PLACE IN HER ACCOUNT. SHE BELIEVES THESE TRANSACTIONS WERE NOT SUITABLE FOR HER RISK PROFILE.” The customer dispute settled for $431,401.45.
• October 2016—“ Bankruptcy.” Discharged.
• August 2011—“ CLIENT ALLEGES THAT FINANCIAL ADVISOR PURCHASED MUTUAL FUNDS WITHOUT HER PRIOR APPROVAL. FURTHER ALLEGES THAT THE MONTHLY INCOME THE FUNDS WOULD PROVIDE WAS MISREPRESENTED. CLIENT ALLEGES DAMAGES, NOT SPECIFIED, BELIEVED TO EXCEED $5,000. ACTIVITY DATE IS 7/7/2011.” The customer dispute $6,500.
• December 2009—“ CLAIMANT ALLEGES NEGLIEGENCE, FAILURE TO SUPERVISE- FINRA RULE 3010, UNSUITABLE RECOMMENDATIONS-FINRA RULE 2310, MISREPRESENTATION, FRAUD, BREACH OF FIDUCIARY DUTY, VIOLATION OF THE SECURITIES EXCHANGE ACT OF 1934; CALIFORNIA CORPORATION CODE 25400, ET SEQ’ AND CALIFORNIA CODE OF REGULATIONS, VIOLATION OF FINRA RULE 2110 STANDARDS OF COMMERCIAL HONOR AND PRINCIPALS OF TRADE FROM DECEMBER 2006 THROUGH FEBRUARY 2009. “ The damage amount requested was $381,942. The customer dispute settled for $180,000.
• November 2008—“ CLIENT CLAIMS HE TOLD REPRESENTATIVE THAT HE ONLY WANTED INVESTMENTS THAT WERE SHORT TERM WITH PRINCIPLE GUARANTEED. CLIENT PURCHASED CMOS IN 2003 AND 2004 AND SOLD THEM UNSOLICITED IN JULY 2007 PRIOR TO MATURITY AT A LOSS.” The customer dispute was denied.
• July 1994—“ THEFT-PENAL CODE #487.1 MISDEMEANOR STATUS, AMOUNT $1,400.”
• May 1994—Employment separation after allegations, “ 94M08179 THEFT- PC 487.1 MISDEMEANOR STOLEN PROPERTY 1 FUR COAT, A GUESS WATCH, TOTAL $1,500.” Kimco Services discharged Gustavo Miramontes.

For a copy of Gustavo Miramontes’ FINRA BrokerCheck, click here.

We Help Investors Recover Investment Losses

FINRA regulations require that a customer’s written authorization is required before a broker-dealer can carry out transactions in the customer’s account. In addition, the broker-dealer’s member firm needs to approve the broker-dealer’s authorization. These measures are intended to protect the customer. Discretionary trading allows the broker-dealer to unilaterally decide to buy or sell securities at any price and not have to check with the client first. Exercising discretion without authorization can be costly to investors, and broker-dealers and their member firms, too.

 

In addition, to the extent a Financial Advisor converts client assets during the course and scope of his employment and/or registration with the brokerage firm, that brokerage firm may be held liable for any attendant losses.

 

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at (800) 931-8452 or by email at mwolper@wolperlawfirm.com.