Oppenheimer Pays $2.8M To Settle SEC's PE Fund Case

Law360, New York (March 11, 2013, 2:31 PM EDT) -- Investment firm Oppenheimer & Co. has agreed to shell out more than $2.8 million to settle U.S. Securities and Exchange Commission allegations that it misled investors about the performance of a private equity fund it managed, the SEC said Monday.

Two Oppenheimer units told investors in quarterly reports and marketing materials that a private equity fund they managed was performing better than it really was, the SEC said.

Because the fund's investments were illiquid, the fund's reported value came from the fund manager estimates, not the...
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