Investor Alleges Leonard Silvester Made Unauthorized Investments

Leonard Silvester (CRD #: 2196632), a broker registered with Oppenheimer & Company, allegedly failed to follow a client’s instructions, according to his BrokerCheck record, accessed on June 26, 2023. Keep reading to learn more about his alleged conduct as a broker.

Investor Disputes

On April 14, 2023, an investor alleged that Leonard Silvester made unauthorized investments between December 2019 and March 2022. The client further alleged that he failed to follow their instructions. This dispute was denied by the firm.

In a dispute filed on November 5, 2020, an investor alleged that Leonard Silvester misrepresented the withdrawal amount and fees associated with her variable annuity at the time of a 1035 exchange taking place in February 2014. The firm denied the dispute.

However, investors should know that firms can deny disputes without an outside review. Investors can still pursue FINRA arbitration and potentially recover their funds following a denial.

FINRA Rule 3260

Unauthorized trading violates FINRA Rule 3260, which limits brokers to exercising their trading discretion in pre-approved discretionary accounts.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of manipulative, deceptive, or otherwise fraudulent tactics to influence the purchase and sale of securities. Misrepresenting an investment’s risks, limitations, or other features violates this rule.

What are Variable Annuities?

Variable annuities are complex investments. These policies can decline in value depending on the performance of the underlying security. Surrender charges, tax penalties, and other fees can make these policies unsuitable.

Background Information

Leonard Silvester has passed the following exams:

• Series 65 – Uniform Investment Adviser Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 3 – National Commodity Futures Examination
• Series 31 – Futures Managed Funds 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
• Series 8 – General Securities Sales Supervisor Examination (Options Module & General Module)

Leonard Silvester is a registered broker in 19 states and the District of Columbia. He is also a registered investment adviser in Pennsylvania.

He has also worked for the following firms:

• RBC Capital Markets (CRD#:31194)
• Ferris, Baker Watts (CRD#:285)
• UBS Financial Services (CRD#:8174)
• Prudential Securities (CRD#:7471)
• Merrill Lynch, Pierce, Fenner & Smith (CRD#:7691)

Kurta Law Can Help

If you worked with Leonard Silvester and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and 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.