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Written by 3:57 pm Current Investigations, Securities Fraud Articles

Michael L. Oromaner Broker Investigation

Michael L. Oromaner Broker Investigation, featured by Top Securities Fraud Attorneys, The White Law Group

Financial Advisor Michael L. Oromaner, Cova Capital Partners in Syosset, NY

Are you concerned about investments with Michael L. Oromaner in Syosset, NY? If so, the securities attorneys at The White Law Group may be able to help you by filing a FINRA Dispute Resolution claim.

According to public disclosures on FINRA’s website Oromaner has reportedy been suspended indefinitely after a 2 year suspension for allegedly exercising discretion in a customer’s account in connection with 41 transactions without prior written authorization from the customer or approval from his member firm. The findings stated that Oromaner purportedly affected 67 unauthorized trades in another customer’s account without the customer’s authorization, knowledge or consent.

In addition, Oromaner purportedly engaged in quantitatively unsuitable trading in that customer’s account. As a result of this excessive and unsuitable trading, the customer’s account purportedly sustained losses of approximately $32,550 and the customer paid approximately $28,129 in commissions.

The findings also stated that Oromaner allegedly excessively traded another customer’s account resulting in collective losses of $27,608 and the customer paying over $400,000 in commissions and fees.

According to his FINRA BrokerCheck report, Oromaner was reportedly affiliated with Cova Capital Partners in Syosset, NY from 2016 – 2017 and prior to that he was registered with Salomon Whitney in Farmingdale. His broker record states that he was employed by 18 different firms during his 17 year career in the securities industry. He reportedly has 13 customer complaints listed on his broker report, two of which are still pending. Allegations include “use of high pressure sales techniques, unsuitable investments, churning, excessive and hidden commissions,” among others.

Investigating Potential Claims

The White Law Group is investigating potential lawsuits regarding the liability that Oromaner’s employers may have for failure to properly supervise him.

When brokers violate securities laws, such as making unauthorized or unsuitable investments, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.

Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.

We represent investors in FINRA arbitration claims in all 50 states, including Louisiana. Our attorneys have recovered millions of dollars from many brokerage firms in the past.

If you have suffered losses investing with Michael L. Oromaner, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.

For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.


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