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Mark Frommer Embroiled In Two Pending Investor Disputes

Mar 11, 2022 Misrepresentation

Mark Frommer (CRD #:1553129), a broker and investment advisor registered with Oppenheimer & Co, is involved in two pending investor disputes, according to his BrokerCheck record, accessed on February 25, 2022. 

Pending Disputes

Unauthorized Trading Allegations

On December 3, 2021, an investor dispute was filed against Mark Frommer, alleging he made unauthorized transactions in his client's account. The investor is seeking $700,000. 

Unauthorized trading is a major problem in the world of finance. It occurs when brokers sell, buy or exchange securities without prior consent from their clients. FINRA prohibits unauthorized trading, and FINRA Rule 3260 states that no broker shall exercise trading discretion in a customer account unless that account has been approved for discretionary trading, both by the customer and the firm. 

Unsuitability Allegations

On April 1, 2021, Mark Frommer was named in an investor dispute alleging unsuitability regarding his client's investments and liquidity access line between 2013 and 2016. An investment is only considered "suitable" if it meets the suitability criteria outlined in FINRA Rule 2111

A broker must have exercised due diligence and have an adequate reason for believing that an investment will also be suitable or beneficial for the investor. Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration if their broker recommended an unsuitable investment. 

Denied Disputes

Investors can still recover their losses following a denial.

Misrepresentation Allegations

On July 7, 2020, Mark Frommer was named in an investor dispute after allegedly misrepresenting the capital call requirements and investment duration during the purchase of a private equity fund. Misrepresentations concerning material facts in investment recommendations deprive investors of the information they need to assess risks associated with a particular investment. FINRA Rule 2020 prohibits brokerage firms and stockbrokers from making material misrepresentations or inducing people into buying investments with false statements about their potential benefits. 

Unauthorized Trading Allegations

On September 18, 2018, an investor dispute was filed against Mark Frommer after he allegedly established a LAL for borrowing against his client's securities to purchase hedge funds and certain stocks.

Background Information

Mark Frommer 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 31 - Futures Managed Funds Examination
  • Series 7 - General Securities Representative Examination

Mark Frommer is a registered broker in 25 states. He is also a registered investment advisor in Illinois and Texas.

Besides Oppenheimer & Co, Mark Frommer has also worked with the following firms:

  • Morgan Stanley (CRD#:149777)
  • Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691)
  • Lehman Brothers (CRD#:7506)
  • Morgan Stanley & Co., Incorporated (CRD#:8209)
  • Mimlic Sales Corporation (CRD#:15296)

   Kurta Law Can Help

If you have worked with Mark Frommer 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 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.