Oppenheimer Settles With FINRA For $1M

Law360, New York (October 30, 2007, 12:00 AM EDT) -- Investment boutique Oppenheimer & Co. Inc. has agreed to pay $1 million to settle allegations that it submitted flawed mutual fund data to regulators, the Financial Industry Regulatory Authority announced Tuesday.

Under the deal, the company will hire an independent consultant to evaluate its policies, systems and procedures for responding to information requests. In return, FINRA has agreed to dismiss the charges against Oppenheimer CEO Albert Grinsfelder Lowenthal.

“The self-regulatory model depends on accurate, timely and complete responses by firms to informational requests from FINRA,” said...
To view the full article, register now.