Ongoing Claims Against Cold Spring Advisory and Louis Ottimo

Posted By Brie Austin In Category: Business

In a story I’ve been researching for over a year or so, a law firm just posted a new alert about Louis Ottimo, the man behind the curtain of Cold SPring Advisory Group, a supposed stock loss recovery firm. 

A lot of what was published by The Guiliano Law Firm mirrors much of what I have reported on in my articles:

There is evidence that the company is run by Louis Ottimo, who is listed as a consultant to Cold SPring Advisory. But this doesn’t align with information available during my research. He is the sole source of Cold Spring Advisory Group’s client list; he alone reviews client’s portfolio history to determine if they will take the case; and he alone chooses the attorneys on behalf of the clients, among other things.

As presented in earlier articles, Louis Ottimo had a long track record of defrauding clients when he was a broker, according to FINRA, the securities regulatory body, and he run several companies that filed for bankruptcy, and he himself filed for bankruptcy protection in 2017.

In a December 2017 press release, the Public Investors Arbitration Association noted that “Investors who are forced to rely on arbitration to deal with problem stockbrokers and brokerage firms need to think twice before they hire “non-attorney representatives,”  naming both Cold Spring Advisory Group and Louis Ottimo as examples.

In an article on Financial Planning entitled ‘Banned brokers represent investors in FINRA arbitration despite a rule to the contrary,’ the article mentions Cold Spring Advisory Group, Louis Ottimo and Michelle Ottimo, saying

Clients for at least one non-attorney firm went public in its defense. About 10 people identified as customers of Cold Spring Advisory Group in New York City posted letters on FINRA’s website. Cold Spring is owned by Michelle Ottimo, the wife of a former broker, Louis Ottimo, who acts as a consultant to the firm even though FINRA barred him from the industry in 2015, the PIABA study says.

If you want more information about and or suspect fraud, check out the FINRA ALERTS and/or file a complaint using FINRA’s online Investor Complaint Center or call FINRA at (240) 386-HELP (4357).

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About Brie Austin

Co-author of I'd Do It Again, he is a columnist/reporter for a variety of magazines in the areas of music, lifestyle, nightlife, travel and business. He also writes business documents and creates copy for websites.

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