Law360, New York (June 21, 2016, 3:21 PM EDT) -- New York-based investment firm Oppenheimer & Co. Inc. has agreed to a settlement with the Financial Industry Regulatory Authority over claims that it botched thousands of reports on short interest positions and failed to properly supervise its reporting program.Oppenheimer will pay a $275,000 fine to settle claims that the company failed to report or inaccurately reported several thousand short interest positions during a seven-year period and that it didn’t have a compliance monitoring program in place to prevent those omissions and mistakes, according to the settlement agreement.“OPCO failed to establish and maintain a supervisory system that was reasonably designed... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
Oppenheimer & Co. has agreed to pay a $275k settlement to the US Financial Industry Regulatory Authority (FINRA) after reports suggesting that it had failed to properly supervise a program that botched several thousand of short-interest reports.