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Mike Silverman: Oppenheimer Denies Suitability Complaint
A recent, denied investor complaint against Conshohocken financial advisor Mike Silverman (CRD# 1915352) alleged that his advice resulted in six-figure damages. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Stifel Nicolaus & Company, having previously been registered with Oppenheimer & Company.
Mr. Silverman’s BrokerCheck report discloses two investor complaints. The most recent, filed in October 2023, alleged that as a representative of Oppenheimer & Company, he misrepresented material facts and recommended unsuitable investments in asset-backed debt securities. The complaint alleged unspecified damages of “hundreds of thousands” of dollars and was denied by the firm.
An earlier investor complaint, filed in 2010, similarly alleged that as an Oppenheimer & Company representative, he misrepresented the safety of an investor’s principal in 2006 and 2007. The complaint alleged damages of $52,262 and was denied by the firm.
FINRA’s suitability rule stipulates that brokers must “have a reasonable basis to believe” that their investment recommendations are suitable for a client’s background and objectives. FINRA Rule 2111 specifies that they must make their determinations regarding an investment’s suitability based “on the information obtained through reasonable diligence of the firm or associated person to ascertain the customer’s investment profile.” That profile includes the customer’s age, risk tolerance, liquidity needs, tax status, net worth, and more. Brokers who recommend unsuitable investments or strategies may be liable for damages in the event of losses.
According to the Financial Industry Regulatory Authority, Mike Silverman holds 34 years of securities industry experience. Based in Conshohocken, Pennsylvania, he has been a broker and an investment advisor with Stifel Nicolaus & Company since 2018. His past registrations include Oppenheimer & Company (Radnor, Pennsylvania; 1992-2018), WH Newbold’s Son & Company (1990-1991), and Merrill Lynch (New York, New York; 1989-1990). His credentials include the passage of four securities industry qualifying exams: 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 is licensed in Alabama, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Maryland, Michigan, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Utah, Virginia, and Washington. (Information current as of October 22, 2023.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.