Investment Firm Pays $4.4M For Rule Violations

Law360, New York (January 2, 2006, 12:00 AM EST) -- Investment boutique Oppenheimer & Co., facing the wrath of three regulatory agencies over rule violations, has agreed to pay $4.4 million in fines to settle claims against the firm.

The settlement brings to a close several investigations by the U.S. Treasury Department, the New York Stock Exchange, and the National Association of Securities Dealers.

The NYSE also censured Oppenheimer, chastising the firm for failing to provide adequate managerial oversight.

“A broker-dealer cannot place the financial markets, and its customers, at risk by its own inadequacies, especially...
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