FINRA Catches Oppenheimer Changing Its Report Card
Thursday, December 6th, 2007Recently 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…)
