Securities Fraud and Mismanagement

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Invest photo 2If you have lost funds investing in penny stocks with Oppenheimer, please call 1-866-817-0201 for a free consultation.  Oppenheimer & Co. Inc. has agreed to pay fines equally $20 million and, in a rare move for any financial firm paying such a fine, admit guilt as part of settlements with the SEC.  The allegations concern the improper trading of penny stocks.

Oppenheimer failed to properly detect and report suspicious penny stocks trades, which are thinly traded securities that can be vulnerable to manipulation by stock promoters. The  matter involves at least 16 customers in five states who engaged in “patterns of suspicious activity.”

This sanction is the latest in a list of regulatory sanctions against Oppenheimer.  SEC Commissioners Aguilar and Stein argued such a history indicated that Oppenheimer has a “wholly failed compliance culture.”

“Broker–dealers face the same money laundering risks as other types of financial institutions,” said  Jennifer Shasky Calvery, in a release. “And by failing to comply with their regulatory responsibilities, our financial system became vulnerable to criminal abuse.”

More information can be found at the following: .

If you suffered losses at Oppenheimer in penny stocks, you may be entitled to a recovery.