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Our law firm is investigating Oppenheimer & Co. (“Oppenheimer”) in connection with the supervision of David Phillip Morabito (“Morabito”), CRD No. 2799155. On October 27, 2014, Morabito and FINRA entered into a Letter of Acceptance, Waiver and Consent (“AWC”), in connection with allegations of selling away and loaning money to a firm customer. Selling away occurs when a representative sells an investment that is not approved for sale by his broker-dealer.
In the AWC, Morabito consented to a six month suspension from associating with any FINRA-regulated firm.
According to the AWC, “between December 2007 and January 2010.., Morabito, participated in a private securities transactions with TOG, a private investment company, without providing notice of the transactions to his FINRA-regulated employer. Specifically, Morabito recommended and facilitated Oppenheimer customers to invest in DFT, a technology company, through TOG. Morabito failed to provide notice of the transactions to Oppenheimer or obtain its written approval prior to participating in the transactions. By failing to notify Oppenheimer of the transactions or obtaining its written approval prior to participating in them, Morabito violated NASD Rule 3040 and FINRA Rule 2010. In addition, in or about June 2007, Morabito loaned Firm customer PM $25,000 without notifying the Firm of the loan or receiving its approval. As a result, Morabito violated NASD Rules 2370 and 2110.”
If you have information relating to this investigation, please contact our firm, toll free, at 888-997-9956.