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
If you have been the victim of securities fraud and you have a complaint, you should consult with an attorney. The practice of Nicholas J. Guiliano, Esq., and The Guiliano Law Group, P.C., is limited to the representation of investors in claims for fraud in connection with the sale of securities, the sale or recommendation of excessively risky or unsuitable securities, breach of fiduciary duty, and the failure to supervise. We accept representation on a contingent fee basis, meaning there is no cost unless we make a recovery for you, and there is never any charge for a consultation or an evaluation of your claim. For more information contact us at (877) SEC-ATTY.
