Oppenheimer & Co. (Oppenheimer) is facing a proposed class-action suit alleging that a $110 million Ponzi scheme was conducted by one of the investment banking company’s advisors.
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Oppenheimer & Co. (Oppenheimer) is facing a proposed class-action suit alleging that a $110 million Ponzi scheme was conducted by one of the investment banking company’s advisors.
According to the SEC, 79 investment firms, including LPL Financial, Raymond James, Oppenheimer, and Wells Fargo have agreed to return more than $125 million to investors for failing to report conflicts of interest in their sale of mutual funds.
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.
A recent analysis by Golsan Scruggs reveals a staggering 231 percent increase in errors-and-omissions (E&O) liability claims among registered investment advisor (RIA)
insurers.
According to a recent analysis, Reg BI-related actions quickly have ascended to the top five issues for FINRA, with fines totaling $6 million in 2023.
The Financial Industry Regulatory Authority (FINRA) has imposed fines and censured independent broker-dealers Osaic Wealth and Securities America for cybersecurity deficiencies that led to hackers accessing the private information of more than 32,000 customers.