Oppenheimer Reveals SEC Probe Into Penny Stock Sales

Law360, New York (March 10, 2014, 7:05 PM EDT) -- Investment bank Oppenheimer Holdings Inc. is under investigation by the U.S. Securities and Exchange Commission, related to the alleged sale of unregistered penny stocks by its brokers, it revealed on Friday.

In its annual 10-K financial report, the company notified current and prospective shareholders that it received a Wells notice from the SEC asking it to explain why it should not be charged with violating the Securities Exchange Act of 1934 in “relation to its sales of penny stocks on behalf of a former customer of...
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