Oppenheimer Holdings is bracing for the NASD to recommend action against its Chairman and Chief Executive Officer Albert G. Lowenthal for breakpoint neglect.

NASD claims Oppenheimer filed inadequate breakpoint information in a March 2003 NASD industry-wide survey to 2,000 brokerages, well ahead of New York Attorney General Eliot Spitzer's fund-trading probe, Oppenheimer indicated in an SEC filing last Tuesday. Oppenheimer Holdings, whose roots date to 1881, most recently was known as Fahnstock Viner Holdings.

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