Gustavo Miramontes: 6-Figure Complaint Against Oppenheimer Advisor

An investor complaint against Los Angeles financial advisor Gustavo Miramontes (CRD# 2338966) alleges that his conduct resulted in damages of more than $150,000. Financial Industry Regulatory Authority records show that he is a broker registered with Oppenheimer & Company, having previously been registered with Wedbush Securities and Wells Fargo Advisors.

Mr. Miramontes’ BrokerCheck report discloses multiple investor complaints. The most recent, filed in September 2023, alleges that as a representative of Oppenheimer & Company, he breached his fiduciary duty, churned investments, acted negligently, made misrepresentations of material facts, falsified account documents, executed unauthorized trades, and violated both FINRA rules and state securities laws. The pending complaint alleges damages of $151,477.

An earlier investor complaint, filed in 2021, alleged that he made unauthorized transactions and unsuitable recommendations. In 2022 the complaint reached a settlement of $7,558.

A third investor complaint, filed in 2021, similarly alleged unauthorized trading and unsuitable recommendations while he was an Oppenheimer & Company representative. In 2022 the complaint reached a settlement of $8,149.

A fourth investor complaint, filed in 2019, alleged that he misrepresented a bond investment while a representative of Wedbush Securities. The complaint reached a settlement of $24,302.83.

A fifth investor complaint, filed in 2018, alleged unauthorized and unsuitable bond transactions while he was a Wedbush Securities representative. The complaint reached a settlement of $431,401.45.

A sixth investor complaint, filed in 2009, alleged that he acted negligent, recommended unsuitable investments, misrepresented material facts, committed fraud, breached his fiduciary duty, and violated state and federal laws. In 2010 the complaint reached a settlement of $180,000.

According to the Financial Industry Regulatory Authority, Gustavo Miramontes holds 27 years of securities industry experience. Based in Los Angeles, California, he has been a broker with Oppenheimer & Company since 2018. His past registrations include Wedbush Securities (Woodland Hills, California; 2015-2018), Wells Fargo Advisors (Beverly Hills, California; 2010-2015), Southwest Securities (Beverly Hills, California; 2008-2010), and ML Stern & Company (Beverly Hills, California; 1996-2009). His credentials include the passage of five 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 General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in California, Maryland, New York, and Texas. (Information current as of October 9, 2023.)

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