The Financial Industry Regulatory Authority has fined Oppenheimer & Co. $1 million for intentionally submitting inaccurate mutual fund breakpoint data and for failing to properly supervise its brokers.

FINRA also required Oppenheimer to hire an independent consultant to evaluate its policies, systems and procedures for responding to information requests from regulators.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.