Archive for the ‘Oppenheimer’ Category

FINRA Catches Oppenheimer Changing Its Report Card

Thursday, December 6th, 2007

Recently the Financial Industry Regulatory Authority fined Oppenheimer & Co., Inc. $1 million for providing false information in response to a FINRA request aimed at determining whether the firm had given its customers mutual fund commission discounts to which they were entitled.  In 2005 regulators found that, industry-wide, nearly one out of every three mutual fund investors in front-end loaded funds did not receive commission discounts to which they were entitled. 

FINRA asked Oppenheimer for a self assessment to determine whether Oppenheimer was among the broker-dealers cheating its customers.  FINRA found that Oppenheimer submitted information that it knew to be flawed in response to that request. (more…)

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