If you have suffered losses investing with Michael “Mike” Oromaner please call 1-866-817-0201 to speak to an attorney about your rights. Oromaner has a long history of suits and regulatory actions concerning the unauthorized trading in the accounts of his investors. If you have suffered losses you may be entitled to recovery from Oromaner’s former employers.
Regulatory rules provide that brokers may not exercise discretionary power in an investor’s account unless the investor has given prior written authorization and the account has been accepted by the member firm in writing as a discretionary account.
These rules also provide that a brokerage firm, in the conduct of his business, shall observe high standards of commercial honor and just and equitable principles of trade. Oromaner exercised inappropriate discretion in the account of a single customer during a single year 41 times.
Respondent failed to obtain prior written authorization from this investor to exercise discretion in the account and employer did not approve the account for discretionary trading.
Because of this and other misdeeds, Oromaner is currently undergoing a two-year suspension from the securities industry.
Over the course of the career of Oromaner, he has been the subject of over 16 “disclosure events.” A disclosure event is any lawsuit, bankruptcy, regulatory action, written investor complaint or other matter negatively reflecting on an advisor’s ability to handle the funds or recommend investments. The 16 disclosure events of Oromaner is extremely high and raises the question of whether his employers were negligent in hiring him.
Please call if you wish to discuss potential recovery of your losses.