LOGIN
Subscribe

Oppenheimer to pay $20M for penny stock violations

Broker-dealer to pay $20 million over a failure to prevent suspicious penny stock trading and pump-and-dump schemes.

Oppenheimer & Co. Inc. has agreed to pay $20 million and admit guilt as part of concurrent settlements with the Securities and Exchange Commission and the Financial Crimes Enforcement Network over improper penny stock trades.

The firm, which runs a retail brokerage operation with around 1,400 finan

Subscribe or log in to read the rest of this content.

Related Topics:

Learn more about reprints and licensing for this article.

Recent Articles by Author

RIAs could be required to report suspected money laundering

RIAs could be required to report suspected money laundering

Proposal from FinCEN would have investment advisers monitor and report questionable activity under the Bank Secrecy Act.

SEC fines RIA $2.8 million and bars owner in ‘Madoff of Main Street’ case

SEC fines RIA $2.8 million and bars owner in ‘Madoff of Main Street’ case

Regulator bars owner of Total Wealth Management, Jacob Cooper, known as 'Main Street Madoff' by former clients, and holds him liable in case where losses are expected to total as much as $44 million.

RBC, City National deal marries bank and brokerage

RBC, City National deal marries bank and brokerage

The $5.4 billion deal could have RBC's regional wealth management business looking more like a wirehouse or private bank than a regional firm.

Morgan Stanley hit with racial discrimination suit

Morgan Stanley hit with racial discrimination suit

As part of her claim, ex-broker alleges the wirehouse's recent move toward mandatory arbitration is an attempt to prohibit employees from publicly challenging unfair practices.

LPL faces reckoning from activist investor

LPL faces reckoning from activist investor

With giant broker-dealer's stock down 25% from its high last year, experts say Marcato could push for major changes.

Latest news

Investors are impatient, they want big earnings

Investors are impatient, they want big earnings

‘I want to be a catalyst for change’

High school financial literacy education now mandatory in Oklahoma

Carson expands East Coast presence with three new locations

Do private debt fund returns offset their risks?

Tragedy at BofA as 25-year-old trader dies at industry event

Finra dings small Calif. B-D over Reg BI, missing red flags

Does the Dow hitting 40k matter?

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print

Subscribe

Get unlimited access to InvestmentNews

Subscribe for just
$19.99 per month.

Subscribe