Oppenheimer & CO: Information for Investors

Oppenheimer-&-CO--Information-for-Investors
Oppenheimer & CO. Inc (CRD#: 249) is a registered brokerage firm based in New York, New York. This firm is currently registered to operate in 52 states and territories. As of January 15th, 2018, there are 275 disclosures, including 91 regulatory events and 182 FINRA Arbitration proceedings on this firm’s record.

In this article, the six most recent regulatory disclosures are listed. For full information regarding these disclosures and all other disclosures, please reference Oppenheimer & CO’s BrokerCheck Report.

 

Oppenheimer & CO: FINRA Disclosures

 

Disclosure # 1

Date: 10/05/2017

Reporting Source: Regulator

Initiated By: Chicago Board Options Exchange

Allegations: “Oppenheimer: (i) in that in at least 1.5 million instances, Oppenheimer: (i) Failed to submit reportable positions to the LOPR; (ii) Submitted reports to the LOPR with incorrect position quantities; (iii) submitted reports to the LOPR that failed to identify customer accounts as acting in-concert; (iv) submitted reports to the LOPR with invalid or missing fields, such as customer address or tax ID information; or (v) incorrectly reported as-of transactions; (ii) failed to establish adequate supervisory procedures, including written supervisory procedures and a separate system of follow-up and review, reasonably designed to ensure compliance with Exchange Rule 4.13, which resulted in the LOPR reporting violations.”

Sanction Details: “A total fine of $700,000 of which $625,000 shall be paid to CBOE and the remainder to NASDAQ PHLX LLC.”

 

Disclosure # 2

Date: 06/01/2017

Reporting Source: Regulator

Initiated By: FINRA

Allegations: Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that in six transactions, it purchased municipal securities for its own account from a customer and/or sold municipal securities for its own account to a customer at an aggregate price (including any mark-up or mark-down) that was not fair and reasonable, taking into consideration all relevant factors”

Sanction Details: “The firm was censured, fined $20,000, and ordered to pay $10,301.44, plus interest, in restitution to customers.”

 

Disclosure # 3

Date: 11/29/2016

Reporting Source: Regulator

Initiated By: FINRA

Allegations: “Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed on 43 occasions to provide written notification disclosing to its customer the call date and dollar price of the call in 43 transactions in municipal securities executed on the basis of a yield to call.”

Sanction Details: “The firm was censured and fined $20,000”

 

Disclosure # 4

Date: 11/17/2016

Reporting Source: Regulator

Initiated By: FINRA

Allegations: “Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that over the course of several years, it failed to establish, maintain, and implement supervisory systems and procedures reasonably designed to achieve compliance with certain securities regulations and FINRA and NASD rules, and to report violations of those rules to FINRA where appropriate. The findings stated that the firm failed to report required information to FINRA, apply applicable sales charge waivers to its customers, and produce relevant documents to customers who had filed arbitrations against it for failing to supervise a former registered representative.”

Sanction Details: “The firm was censured and fined $1,575,000 in remediation payments totaling $703,122 to be paid to the seven sets of arbitration claimants, and additional remediation totaling approximately $1,142,619 paid to the eligible customers who, from January 2009 to August 2016, qualified for, but did not receive, the applicable mutual fund sales charge waivers.”

 

Disclosure # 5

Date: 07/19/2016

Reporting Source: Regulator

Initiated By: Michigan

Allegations: “The investigation determined that respondent was responsible for submitting the relevant investment adviser representative registration application materials for forty (40) Michigan individual representatives, but that it failed to do so from the effective date of the securities act on October 1, 2009 (as extended by various transition orders) through late 2015/early 2016.”

Sanction Details: “Monetary/fine $900,000”

 

Disclosure # 6

Date: 06/20/2016

Reporting Source: Regulator

Initiated By: FINRA

Allegations: “Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to report short interest positions on multiple settlement dates, and inaccurately reported short positions. The findings stated that the firm erroneously reported “fail to receive” positions on multiple settlement dates in the firm’s “buy-in account” as short interest positions, when such positions should not have been reported to FINRA.”

Sanction Details: “The firm was censured, fined $275,000 and undertakes to revise its written supervisory procedures.”

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