Investor Alert – Stephen Joseph Beresh and Oppenheimer & Co., Inc.

Investor Alert – Stephen Joseph Beresh and Oppenheimer & Co., Inc.

Investor Alert – Stephen Joseph Beresh and Oppenheimer & Co., Inc.

Financial advisor Stephen Joseph Beresh (CRD# 2042127) of Sterling Heights, Michigan is involved in a pending customer dispute relating to allegations that he recommended unsuitable investments in exchange traded funds, closed end funds, and high risk gold and energy stocks. Mr. Beresh has been registered with Oppenheimer & Co., Inc. (CRD# 249) since 1999 and is licensed as both a stock broker and an investment advisor.

The investments that are the subject of the customer complaint against Mr. Beresh carry a variety of risks. We have previously written about the unique risks associated with ETFs and certain closed-end mutual funds.

Suitability

Stock brokers have a duty to recommend suitable investments and investment strategies to their clients. A recommendation is only suitable if it comports with the client’s investment objectives, risk tolerance, investment experience, investment time horizon, liquidity needs, and income needs. The duty to recommend suitable investments cannot be disclaimed through risk disclosures or waivers.

Breach of Fiduciary Duty

Investment advisors like Mr. Beresh are fiduciaries under state and federal law. This means that they are duty bound to act in a manner that they reasonably believe is in the best interest of their clients. They also have duties of honesty, loyalty, care and disclosure. A breach of fiduciary duty occurs when a financial advisor violates the trust and confidence that has been reposed in him or her by the client.

Need Assistance?

If you are a current or former customer of Mr. Beresh or Oppenheimer & Co. and have suffered investment losses, Mika Meyers, PLC may be able to help you. We regularly evaluate and prosecute claims on behalf of investors who have suffered investment losses as a result of unsuitable investment recommendations. If you wish to discuss your claim with an experienced attorney who specializes in this area, call Daniel J. Broxup at (616) 632 8059.