Gustavo Miramontes Subject of a Six-Figure Investor Dispute

Gustavo Miramontes (CRD #: 2338966), a broker registered with Oppenheimer & Co., is the subject of a six-figure investor dispute. This disclosure appears on his BrokerCheck record, accessed on December 1, 2023. Keep reading if you have questions about his alleged conduct. 

On September 27, 2023, an investor alleged Gustavo Miramontes engaged in churning, negligence, and negligent misrepresentation. The investor further alleged he falsified account documentation and engaged in unauthorized trading. The investor is seeking $151,477. 

Excessive Trading or “Churning” 

FINRA Rule 2111, a.k.a. The Suitability Rule, requires brokers to tailor their investment recommendations to suit investors’ needs. Trades must be quantitatively suitable, meaning the number of trades must suit an investor’s needs. Each trade comes with a transaction fee, so too many transactions will result in excessive fees for the investor. Excessive trading is also known as “churning.” 

Unauthorized Trading

Unauthorized trading violates FINRA Rule 3260, which limits brokers to engaging in discretionary trading only in pre-authorized accounts. Both the firm and the client must approve an account before discretionary trading can occur.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Falsifying account documentation violates this rule. 

Previous Investor Dispute 

There is another dispute on his record that settled for six figures. On November 19, 2018, an investor alleged that she did not authorize certain bond transactions. The investor alleged that these transactions were not suitable for her profile. The dispute settled for $431,401.45. 

Background Information

Gustavo Miramontes has passed the following exams: 

• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination 
• Series 10 General Securities Sales Supervisor – General Module Examination 
• Series 9 General Securities Sales Supervisor – Options Module Examination 

He is a registered broker in California, Maryland, New York, and Texas. 

Gustavo Miramontes has registered with the following firms: 

• Oppenheimer & Co. (CRD #: 249) 
• WedBush Securities (CRD #: 877) 
• Wells Fargo Advisors (CRD #: 19616) 
• Southwest Securities (CRD #: 6220) 
• M.L. Stern & Co. (CRD #: 8327) 

Kurta Law Can Help 

If you have worked with Gustavo Miramontes and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.