The Financial Industry Regulatory Authority (FINRA) has fined Oppenheimer and Co. $1,425,000 for the sale of unregistered penny stock shares and for failure to provide an adequate anti-money laundering (AML) compliance program, which would detect and report suspicious penny stock transactions.
Oppenheimer must also retain an independent consultant to conduct a comprehensive review of the adequacy of Oppenheimers penny stock and AML policies, systems and procedures. Oppenheimer agreed to the sanctions to resolve charges first brought against the firm in a FINRA complaint in May of this year.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access