SEC investigating top Oppenheimer executive

Firm's head of retail, Robert Okin, resigned last week

Dec 10, 2014 @ 1:53 pm

By Bruce Kelly

The head of retail brokerage at Oppenheimer & Co., who resigned on Friday, is facing an investigation by the Securities and Exchange Commission.

Robert Okin resigned from Oppenheimer to pursue other interests, according to a report from Reuters.

Mr. Okin was told in October by the enforcement division of the SEC that it had made a preliminary determination that it would charge him for violating securities laws, specifically failure to reasonably supervise.

Albert Lowenthal, chairman and CEO of Oppenheimer Holdings Inc. (USA), the parent of the retail brokerage, did not return a call on Wednesday afternoon seeking comment.

Mr. Okin was a top executive at Oppenheimer and had $1.14 million in total compensation last year, according to Oppenheimer Holdings' proxy statement. He could not be reached for comment.

On his BrokerCheck report, he denied any violations of the Securities Exchange Act and stated that he “intends to vigorously defend himself in the event that such charge is filed.”

Based in New York, Oppenheimer has about 100 offices and 1,350 brokers. Oppenheimer Holdings produced $1 billion in total revenues in 2013 and a net profit of $25 million.

Oppenheimer Holdings earlier this year disclosed it was being investigated by multiple enforcement agencies for issues related to money laundering and penny stocks.


What do you think?

View comments

Recommended for you

Featured video


Why advisers are pessimistic about the economy

Deputy editor Bob Hordt and senior research analyst Matt Sirinides discuss a recent InvestmentNews survey of advisers, most of whom see a recession ahead before the next presidential election.

Recommended Video

Keys to a successful deal

Latest news & opinion

10 universities with the most billionaire alumni

These 10 American schools have the greatest number of alumni who are billionaires.

Top-performing ETFs of 2018

The markets took a beating last year, but these exchange-traded funds bucked the trend

Morningstar says investors rushed the exits in 2018

Net flows into mutual funds and ETFs were the lowest since the 2008 financial crisis, while money-market funds captured inflows.

Widow awarded $4.2 million by Finra panel for theft by ex-Royal Alliance broker

The former broker, Gary Basralian, earlier pleaded guilty to theft and is facing up to 20 years in prison.

John Bogle, Vanguard founder, dies at 89

The pioneer of low-cost, passive investments died of cancer.


Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting It'll help us continue to serve you.

Yes, show me how to whitelist

Ad blocker detected. Please whitelist us or give premium a try.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print