Oppenheimer & Co. Inc.– Failure to Establish, Maintain and Enforce a Reasonably-designed Supervisory System

investment fraud attorneysOppenheimer & Co. Inc. Allegedly Failed to Establish, Maintain and Enforce a Reasonably-designed Supervisory System

Oppenheimer & Co. Inc. failed to establish, maintain and enforce a reasonably-designed supervisory system, according to a recent FINRA Letter of Acceptance, Waiver, and Consent (AWC) currently under review by attorneys Alan Rosca and James Booker.

Oppenheimer,  from August 4, 2009 to September 30, 2013, allegedly failed to establish, maintain and enforce a reasonably-designed supervisory system and written supervisory procedures regarding the sales of leveraged, inverse, and inverse-leveraged Exchange-Traded Funds , said AWC notes.

The Peiffer Rosca Wolf securities lawyers are currently investigating Oppenheimer & Co. Inc.’s alleged failure to establish, maintain and enforce a reasonably-designed supervisory system.

Oppenheimer Censured, Fined $2.25 Million and Ordered to Pay Restitution in the Amount of $716,000 for Failure to Establish, Maintain and Enforce a Reasonably-designed Supervisory System and WSPs Regarding the Sales of Leveraged, Inverse, and Inverse-leveraged Exchange-Traded Funds

Oppenheimer & Co. Inc. allegedly failed to establish proper WSPs (written supervisory procedures) regarding the sales of leveraged, inverse, and inverse-leveraged Exchange-Traded Funds, according to the aforementioned AWC being examined by attorneys Alan Rosca and James Booker.

Oppenheimer allegedly executed 30,740 Non-Traditional ETF in retail brokerage accounts, transactions which totaled approximately $1.7 billion, the AWC Notes.

Oppenheimer, based on the aforementioned behavior, violated NASD and FINRA Rules and hence, has been censured, fined $2.25 million, and ordered to pay restitution in the amount of $716,000, the AWC also reports. One should also note that, according to the AWC, Oppenheimer neither admitted nor denied the FINRA findings.

Securities Lawyers Investigating

The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of alleged failure to establish, maintain and enforce a reasonably-designed supervisory system and are currently investigating Oppenheimer’s alleged failure to establish, maintain and enforce a reasonably-designed supervisory system. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of Oppenheimer’s alleged failure to establish, maintain and enforce a reasonably-designed supervisory system are encouraged to contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or James Booker, for a free no-obligation evaluation of their recovery options, at 888-998-0520.

Alan Rosca (1206 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.