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Oppenheimer & Co. Sanctioned $3.4 Million for Numerous Violations

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.”

If you lost money investing with Oppenheimer & Co., you may be able to file a claim to recover your losses. Contact the investment fraud attorneys at Meyer Wilson today to discuss your claim by calling us at one of our four locations, or by filling out our online form to request a free case consultation.

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The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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