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David Feigeles: $3.5 Million Complaint Against Oppenheimer Advisor
A recent investor complaint against Melville, New York financial advisor David Feigeles (CRD# 1530561) alleges he engaged in unauthorized trading and other forms of misconduct, resulting in seven-figure damages. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Oppenheimer & Company.
Mr. Feigeles’ BrokerCheck report discloses two investor complaints. The most recent, filed in June 2022, alleges that as a representative of Oppenheimer & Company and Morgan Stanley, he breached his fiduciary duty, aided and abetted a breach of duty, breached contract, converted funds, engaged in negligence and unjust enrichment, churned investments, executed unauthorized trades, and recommended unsuitable products. The pending complaint alleges damages of $3.5 million.
In a comment on the pending complaint’s disclosure, Mr. Feigeles denied the allegations, asserting that “The allegations relate to an account for which I did not serve as the financial advisor.” He added that he intends to “vigorously defend myself against the unwarranted and unsubstantiated allegations.”
A second investor complaint, filed in 2009, alleged that he failed to supervise the brokers who serviced the customer’s account at Morgan Stanley, claiming further that the account was traded excessively and unsuitably. The complaint reached a settlement of $2.25 million.
According to the Financial Industry Regulatory Authority, David Feigeles holds 33 years of securities industry experience. Based in Melville, New York, he has been a broker and an investment advisor with Oppenheimer & Company since 2003 and 2007, respectively. His past registrations include CIBC World Markets, Garban LLC, Cantor Fitzgerald Securities, Garban Limited, Garban Securities, and MKI Securities. His credentials include the passage of seven securities industry qualifying exams: the General Securities Sales Supervisor – Options Module Examination, or Series 9; the General Securities Sales Supervisor – General Module Examination, or Series 10; the Corporate Securities Limited Representative Examination, or Series 62; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He holds 42 state licenses. (Information current as of August 17, 2022.)
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