The Financial Industry Regulatory Authority (FINRA) announced on November 17 that it has ordered Oppenheimer & Co. Inc. to pay customers $1.85 million on top of a $1.575 million fine for failing to apply applicable sales charge waivers to customers, failing to provide customers who filed arbitration claims with documents in discovery, and for failing to report required information to FINRA. Oppenheimer & Co. consented to the entry of these findings, but neither admitted nor denied the charges in settling the matter.
In response to the fine, FINRA’s Executive Vice President and Chief of Enforcement Brad Bennett said:
“It’s important for firms to ensure their supervisory programs are designed to comply with FINRA reporting requirements, and that their procedures provide adequate direction to their employees to make required filings. FINRA uses this information to identify and initiate investigations of firms and associated persons that pose a risk to investors.”
We previously reported on Oppenheimer & Co. back in June when the company was sanctioned $2.9 million:
“for selling leveraged, inverse, and inverse-leveraged exchange-traded funds (non-traditional ETFs) to retail customers without reasonable supervision, and for recommending non-traditional ETFs that were not suitable.”
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