Update: Abraham Heimann and Oppenheimer Losses

Stoltmann Law Offices continues to investigate former Oppenheimer and Cetera Advisors broker Abraham Heimann. Heimann was accused of selling stock in Miller Energy. He allegedly declared to his investors that the investment would be safe. In 2015, Miller Energy declared bankruptcy and one of Mr. Heimann’s clients lost millions of dollars. He now has five arbitration claims against him and his firms for concentrated sales in Miller Energy and other oil-related investments. Some of his clients include a 94-year-old veteran with Parkinson’s, and 85-year-old retiree with Alzheimer’s and at least one other victim with Parkinson’s. Another claim alleges that Mr. Heimann also put client’s money into another risky investment, FX Energy. Investments in oil and gas and energy and typically high-risk and illiquid ones, and are not suitable for many investors. A broker must do his due diligence on an investment and only recommend and sell those investments that are suitable for his clients, based on their age, net worth, investment objectives and investment sophistication. If he does not, his brokerage firm may be liable for losses because it has a duty to reasonably supervise its brokers.
According to his public record with the Financial Industry Regulatory Authority (FINRA), Mr. Heimann was previously registered with Philps, Appel & Walden, Shearson, Lehman Hutton, Bear, Stearns, Morgan Stanley, Josephthal & Co., Oppenheimer in Atlanta, Georgia from January 2002 until July 2013 and Cetera Advisors in Alpharetta, Georgia from June 2013 until February 2016. He has five customer disputes pending against him. He is currently not registered within the industry. Please call 312-332-4200 today if you suffered losses with Mr. Heimann. We may be able to help you bring an arbitration claim against his former firms on a contingency fee basis. The call is free with no obligation. Attorneys are standing by.