Oppenheimer & Co. Fined $1 Million by FINRA
The Financial Industry Regulatory Authority has fined Oppenheimer & Co. Inc. $1 million to settle charges it produced “flawed, incomplete and untimely data” in breakpoint self-assessment.
FINRA claimed that New York boutique firm Oppenheimer submitted fund breakpoint data to FINRA that the firm knew to be inaccurate, in addition to other supervisory deficiencies, in 2003.
Managers of mutual funds that have sales charges generally let investors reduce those charges as the amount of their investment increases to certain levels. Those reductions are called “breakpoints,” according to FINRA.
Oppenheimer Ordered to Hire an Independent Consultant
The New York and Washington-based self-regulatory organization also ordered the firm to hire an independent consultant to evaluate its policies, systems and procedures for responding to information requests from regulators.
Oppenheimer settled the matter without admitting or denying the charges, and did not immediately return a call.
Guiliano Law Group
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