(FINRA Case #2016052559401)
Michael Lawrence Oromaner (CRD #2857559, Huntington, New York) – An AWC (Accept, Waiver & Consent) was issued in which Oromaner was assessed a deferred fine of $25,000, suspended from association with any FINRA member firm in all capacities for two years and required to pay $60,158, plus interest, in restitution to customers.
Without admitting or denying the findings, Oromaner consented to the sanctions and to the entry of findings that he exercised discretion in a customer’s account without prior written authorization from the customer or approval from his member firm. The findings stated that Oromaner effected unauthorized trades in a second customer’s account without the customer’s authorization, knowledge or consent.
In addition, Oromaner engaged in quantitatively unsuitable trading in that customer’s account, which resulted in losses of approximately $32,550 and the customer paid approximately $28,129 in commissions paid to Oromaner.
The findings also stated that Oromaner excessively traded a third customer’s account, resulting in losses of $27,608 and the customer paying over $400,000 in commissions and fees.
Oromaner has been employed by 18 different brokerage firms from 1997 to 2017 (20 Years) of which nine of the firms have been expelled by FINRA. His most recent employment was with Cova Capital Partners LLC (CRD# 109761) and Salomon Whitney Financial (CRD# 145012).
The suspension is in effect from December 4, 2017, through December 3, 2019.
If you feel you have been misled by Michael L. Oromaner or Brokerage Firm and wish to discuss legal action, please contact Darren Blum at 1-877-786-2552 (1-877-STOCK LAW), www.stockattorneys.com for a free consultation.