The investment lawyers of Gana Weinstein LLP are investigating the regulatory action brought by the Financial Industry Regulatory Authority (FINRA) against George Oldoerp (Oldoerp). According to BrokerCheck records, Oldoerp was suspended by FINRA in May 2018. In addition, Oldoerp has been subject to one pending customer complaint and a tax lien.
In November 2017, a customer alleged that from August 2003 to November 2017, Oldoerp recommended the customer to invest in illiquid securities in oil and gas, equipment leasing, Business Development Companies(BDCs), and non-traded Real Estate Investment Trusts (REITs), which were unsuitable investments for the customer. The customer is requesting $500,000 in damages. This complaint is currently still pending.
In April 2018, Oldoerp refused to respond to information requested by FINRA regarding the pending customer dispute. Thus, Oldoerp is undergoing suspension indefinitely until he requests termination of the suspension. If he does not respond by July 16 to FINRA’s Notice of Suspension, he will automatically be barred from the industry.