Oppenheimer To Pay $4M In Market Timing Case

Law360, New York (February 21, 2008, 12:00 AM EST) -- Broker Oppenheimer & Co. has been ordered to pay a $250,000 fine and shell out $4.25 million in restitution to more than 60 mutual funds. The Financial Industry Regulatory Authority found that the firm engaged in illegal market timing.

FINRA said Thursday that it had fined Oppenheimer for the “improper timing of mutual fund shares from January through September 2003.”

“Market timing harms long-term fund investors who ultimately bear the brunt of higher costs long after market timers have moved on to the next quick trade,”...
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