Oppenheimer manager fired

13 replies [Last post]
NOFX's picture
Offline
Joined: 2006-09-22

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

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

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

troll's picture
Offline
Joined: 2004-11-29
ymh_ymh_ymh's picture
Offline
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
Offline
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
Offline
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
Offline
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
Offline
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
Offline
Joined: 2005-09-05

Nothing at all.

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

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
Offline
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
Offline
Joined: 2006-06-10

coke

blarmston's picture
Offline
Joined: 2005-02-26

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

pretzelhead's picture
Offline
Joined: 2007-03-23

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

Please or Register to post comments.

Industry Newsletters
Investment Category Sponsor Links
Planning Investment Category Sponsor Links
Wealth Planning Category Sponsor Links

Sponsored Introduction Continue on to (or wait seconds) ×