Timothy Atyeo (CRD#: 1544728), a registered representative with Oppenheimer & Co. Inc. in Fort Lauderdale, Florida, is currently involved in a customer dispute in which claimants allege “negligence, breach of fiduciary duty, misrepresentation and over concentration and speculative trading in the energy sector,” according to his BrokerCheck record accessed on September 6, 2019. The claimants are seeking $1.1 million in damages.
This is not the only disclosure on Timothy Atyeo’s BrokerCheck report, and this article is a follow-up to a previous article we wrote on Timothy Atyeo. As a reminder, he has been involved in two prior customer disputes. On March 12, 2016, a customer alleged that Timothy Atyeo recommended “unsuitable investments and inappropriately placed them on margin.” Suitable investments take into account a client’s financial profile and investment objectives. Clients who use margin borrow money to invest and use their investments as collateral. Your broker should not put investments on margin without your explicit permission. As a result of this complaint, the client requested $50,000 in damages; the matter was settled for $30,000.
On May 18, 2010, a client alleged that Timothy Atyeo “misrepresented ARS [auction rate securities] as cash equivilents [sic].” As part of the settlement, according to the broker comment, “Oppenheimer agree[d] to buy back $50,000 worth of claimant’s ARS positions.” Auction rate securities are equity securities with interest rates that are determined through periodic auctions. Auction rate securities were originally marketed as being equivalent to cash, but in reality auction rate securities do not have the same level of liquidity as cash.
In addition to Oppenheimer & Co., over his 33-year career in the securities industry, Timothy Atyeo has worked for eight other brokerage firms:
- CIBC World Markets Corp. (CRD#: 630) of New York, New York
- Painewebber Incorporated (CRD#: 8174) of Weehawken, New Jersey
- Kidder, Peabody & Co. Incorporated (CRD#: 7613) of New York, New York
- Smith Barney Inc. (CRD#: 7059) of New York, New York
- Bear, Stearns & Co. Inc. (CRD#: 79) of New York, New York
- W. Gant & Associates, Inc. (CRD#: 7963)
- Morgan Keegan & Company, Inc. (CRD#: 4161)
- First Jersey Securities, Inc. (CRD#: 6621)
If Timothy Atyeo has been your broker or if you have questions about investments in the energy sector, please don’t hesitate to contact the securities attorneys of Fitapelli Kurta. Call (877) 238-4175 or email firstname.lastname@example.org for your free consultation.