Toronto financial services giant
The Big Board assessed $4.15 million of the amount. The charges brought by the NYSE and the Treasury were associated with inadequate controls to prevent money laundering. The NASD charges involved registration issues.
"A broker-dealer cannot place the financial markets, and its customers, at risk by its own inadequacies, especially in the areas of anti-money laundering and customer accounts," said Susan Merrill, head of enforcement at the NYSE, in a statement.
Oppenheimer neither admitted nor denied guilt, according to the NYSE.
Oppenheimer officials said in a statement that the "settled matters arose during a period of rapid expansion1/4 when the company acquired four firms in a two-year period. As a result of this rapid growth, the company had not yet put in place all of the processes and procedures for the management of its larger business. Those processes have now been in place for an extended period of time, and the company is happy to put these outstanding regulatory issues behind it."
Oppenheimer, however, still has a mutual fund market-timing case with the NYSE that is outstanding, as well as a mutual fund pricing case with the NASD that remains to be settled.
