FINRA Sanctions Oppenheimer & Co. $3.4 Million For Assorted Misdeeds
From the Desk of Jim Eccleston at Eccleston Law LLC:
FINRA has fined Oppenheimer & Co. Inc. $1.575 million and ordered the firm to pay $1.85 million to customers for violating several FINRA rules. In consenting to the settlement agreement, Oppenheimer neither has admitted nor denied the charges.
The wrongdoing stems from Oppenheimer’s failure to timely report more than 350 required filings, including regulatory findings, disciplinary actions against its employees, and settlements of securities-related arbitration and litigation claims.
In addition, FINRA found that between 2010 and 2013, Oppenheimer failed to produce relevant documents during discovery to seven arbitration claimants. As a result, FINRA has ordered Oppenheimer to provide the relevant documents to those claimants and fined the firm $700,000.
FINRA also found that Oppenheimer failed to reasonably supervise the sales charge waivers in eligible mutual fund sales. As a result, Oppenheimer has paid eligible customers $1.14 million in remediation.
The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of securities for financial advisors including breakaway broker services, employment matters, strategic consulting and counseling, broker litigation and arbitration,whistleblower actions, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.
Related Attorneys: James J. Eccleston
Tags: Eccleston, Eccleston Law, Eccleston Law LLC, James Eccleston, FINRA, Oppenheimer & Co Inc, Oppenheimer, claimants, arbitration claimants,