Oppenheimer manager fired

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NOFX's picture
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Joined: 2006-09-22

Boston OPY mgr fired  after $1mm fine ... day late amd $1.00 short ?

badmove?'s picture
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Joined: 2006-06-10

who cares.
Chat room @ 9 pm, get a life.

troll's picture
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ymh_ymh_ymh's picture
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Joined: 2005-09-05

Check out TheStreet.com's story a few weeks ago about Devers. It was written by Brett Arends. Looks like Jim Devers got fired last week because of permitting a broker to hose an elderly widow.

troll's picture
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Joined: 2004-11-29

What a horrific story.
Thing like this are one of the chief reasons why individual brokers have such a difficult time establshing credibility.
Read this, it's a lesson in the dark side of the business.  From what I read on this forum there are several practitioners of the dark side who enjoy boasting--annonymously--about their own ethics.
I love the line regarding "a score of ten on the chutzpah scale."
I have never cosidered this particular branch of the name "Oppenheimer" to be anything other than a chop shop.
There's a guy in NYC named Phil Oppenheimer who runs a small shop that he called P. Oppenheimer for years.  Then, somewhere along the way he took on the name "Oppenheimer and Close."    I suspect he often wishes his name was R. Merrill instead of P. Oppenheimer.
http://www.thestreet.com/s/oppenheimer-has-heart-of-stone-et hics-of-putty/newsanalysis/wallstreet/10367013.html

ymh_ymh_ymh's picture
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Joined: 2005-09-05

The problem with OPY is most of their reps are transactional types. I know a few good ones (decent guys) and they hate seeing stuff like this as it gives them a bad reputation. That situation in Boston never should have gotten to where it did (in my opinion).
Thank you for posting that link; I should have done it myself.
 

NOFX's picture
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Joined: 2006-09-22

badmove? wrote:
who cares.
Chat room @ 9 pm, get a life.

uummm... chat room while your wife is in labor?

Vin Diesel's picture
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Joined: 2007-04-18

ymh_ymh_ymh wrote:

The problem with OPY is most of their reps are transactional types. I know a few good ones (decent guys) and they hate seeing stuff like this as it gives them a bad reputation. That situation in Boston never should have gotten to where it did (in my opinion).
Thank you for posting that link; I should have done it myself.
 

what's wrong with being a transactional rep if your ethical?

ymh_ymh_ymh's picture
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Joined: 2005-09-05

Nothing at all.

badmove?'s picture
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I have a friend in that office, you would not believe the stories, you could write a book. Zippers in the bathroom @ 7 am, forcing CEF's down brokers throats, wanting a higher ROA not a lower ROA on large accounts, it was ridiculous.

troll's picture
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Joined: 2004-11-29

badmove? wrote:I have a friend in that office, you would not believe the stories, you could write a book. Zippers in the bathroom @ 7 am, forcing CEF's down brokers throats, wanting a higher ROA not a lower ROA on large accounts, it was ridiculous.
Zippers? What's that?

badmove?'s picture
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Joined: 2006-06-10

coke

blarmston's picture
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Joined: 2005-02-26

But isnt cocaine illegal? What bad, bad brokers they are...

pretzelhead's picture
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Joined: 2007-03-23

You should read that broker's NASD profile.  He owes almost $6MM to the old lady...

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