Louis Ottimo – When The Hunter Becomes the Hunted

Posted By Brie Austin In Category: Business

For a guy who spent almost a decade in the securities industry, who according to FINRA (BrokerCheck) defrauded customers over and over again, it was outrageous that he then became the de facto shadow president of a company who claims they can help investors that got swindled by unethical brokers.

They say karma is a mean mistress. In 2017 FINRA (the stock market regulatory body) finalized their expulsion of Louis Ottimo from the industry, permanently barring him from acting as a broker or otherwise associating with firms that sell securities to the public.

Years earlier, with his personal reputation tainted he reset his sights on a different tact; launching a company that claimed they could recover losses investors suffered at the hands of brokers behaving badly.

Can a tiger change their spots? Most people will suggest no, they can’t. And it seems that misrepresentation and slight of hand is at the root of what drives Louis Ottimo.

Firstly, he misrepresents that is a “consultant” for Cold Spring Advisory and tried very hard to convince me of the same during a phone call we had in the summer of 2016 . This is not accurate. By all circumstances he is the driving force behind the company.

  • The client’s the company approaches come solely from him (National Securities filed suit that he obtained private information of his potential clients illegally),
  • He alone reviews the potential clients’ portfolio.
  • He chooses the lawyers to represent the clients (one lawyer of which is the subject of missteps)

Based on the information available, when you look at the tactics of Louis Ottimo and his company Cold Spring Advisory Group deploy — for example charging up front fees which is one of the major red flags of a scam according to the FINRA Alert board.

And while Louis is out their tap dancing, it seems that Fitapelli Kurta now has their sights on Louis Ottimo. They are — according to their website — stock fraud attorneys and investor advocates. And they have taken an interest in the alleged fraud that Louis has perpetrated on unsuspecting investors during his spotted career. They are now calling for anyone who has been defrauded by Mr. Ottimo (or any of his companies) to contact them. You can call 877-238-4175 now to speak to an attorney for free. https://www.stopbrokerfraud.com/news/louis-ottimo/

Meanwhile Mr. Ottimo’s banckruptcy case is underway, which includes the case United Service Organizations, Inc. v. Ottimo (regarding the company Jet One jets Inc. that was run by Louis and Anthony Ottimo), Case #: 8:16-ap-08176:

67 Bankruptcy – Dischargeability – §523(a)(4), fraud as fiduciary, embezzlement, larceny
68 Bankruptcy – Dischargeability – §523(a)(6), willful and malicious injury
62 Bankruptcy – Dischargeability – §523(a)(2), false pretenses, false representation, actual fraud

And so it goes. If you’re an investor that has had stock losses that you believe was due to company or broker misconduct, do your homework to make sure the firm you hire to represent you has a clean track record.

RESOURCES: 
http://www.finra.org/investors/highlights/legitimate-avenues-recovering-investment-losses

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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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