South Florida Broker Ralph Oelbermann Barred by FINRA

Record shows customer disputes and failure to respond to FINRA request

FINRA barred Ralph Oelbermann in February after 23 years in the securities industry. According to FINRA’s website, the bar resulted from Oelbermann allegedly failing to respond to FINRA requests for information.

In 2013, Oelbermann was discharged from his employing firm, LPL Financial LLC, for what the firm claimed was unauthorized trading, according to FINRA. Stockbrokers generally cannot make trades in a customer’s account without first seeking the customer’s permission.

In 1999, Oelbermann was involved in his first disclosed customer dispute, in which a customer claimed damages of more than $26,000 resulting from alleged misrepresentation and fraud. The case was settled for $6,500, according to FINRA’s report.

FINRA also stated that in 2002, the National Association of Securities Dealers found Oelbermann and the other respondents named in a suit against Corporate Securities Group, of which he was branch manager, jointly liable for damages of $25,000, plus interest, in allegations of excessive trading, often referred to as churning, as well as misrepresentation and common law fraud, among other claims.

Oelbermann has worked in South Florida since 2001, registering employment with four Palm Beach Gardens firms including J. W. Cole Financial, Inc., most recently and LPL Financial, Securities America, Inc., and Gunnallen Financial, Inc., prior to that. He also worked at Boca Raton firm National Securities Corporation from July 2008 to October 2010, according to FINRA.

Churning is the excessive trading of an investor’s account that generates commissions for the brokerage firm. These claims arise out of the inherent conflict of interest that occurs when a financial investor earns commission on the buying and selling of securities done on a client’s behalf.

It is unlawful for anyone to misrepresent or omit information during the sale of a security. Brokers, investment advisors and financial planners must have a reasonable basis for the claims they make about a security and must also provide the investor with all material information known to the broker regarding the potential investment — including the fees involved and the degree of risk. Assurances or promises made without a reasonable basis and misleading information is generally considered common law fraud and may be cause for legal action.

Investors who have suffered financial loss at the hands of Ralph Oelbermann or any other financial advisor do have legal rights to pursue losses caused by churning and common law fraud through securities arbitration.

If you have suffered significant losses due to the actions of your advisor, contact Silver Law Group to learn more about your rights. We offer free consultations to investors across the nation and work on a contingent fee basis, which means you don’t pay legal fees unless we win your case.