Wally Davis: Oppenheimer Advisor Denies Trading Complaint

New York City financial advisor Wally Davis (CRD# 1532144) made unauthorized trades, according to a recent, denied investor complaint. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Oppenheimer & Company, and that he is also registered with the firm’s office in Westport, Connecticut.

Mr. Davis’s BrokerCheck report discloses several recent investor complaints. The most recent, filed in May 2024, alleged that as a representative of Oppenheimer & Company, he made unauthorized and unsuitable investments in the customer’s accounts, and that he failed to follow the customer’s instructions. The complaint alleged unspecified damages and was denied by the firm.

“The client’s allegations are meritless,” Mr. Davis wrote in a statement included with the complaint’s disclosure. “The client signed documentation that outlined the objectives and risks of both investments, providing his authorization.”

An earlier investor complaint, filed in 2022, similarly alleged that as an Oppenheimer & Company representative, he recommended unsuitable products. The complaint alleged damages of $92,000 and was withdrawn.

Oppenheimer & Company’s website includes a biography of Mr. Davis in which he describes his background, experience, and approach to working with clients. “As an Oppenheimer Financial Professional I align each client’s unique goals, values, and needs with holistic planning and design of investment and insurance strategies,” he writes. “I focus on growing and protecting the assets of high net worth clients (individuals, families, corporate executives, and businesses), including leveraging the resources and leadership at Oppenheimer to help clients pursue goals and solve complex financial issues.”

According to the Financial Industry Regulatory Authority, Wally Davis holds 37 years of securities industry experience. Based in New York City, he has been registered as a broker and an investment advisor with Oppenheimer & Company since 2003 and 2016, respectively. His past registrations include CIBC World Markets Corporation, Oppenheimer & Company, and Moseley Securities Corporation. His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He holds 43 state licenses. (Information current as of July 6, 2024.)

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