Oppenheimer & Co is to pay a 51,847 settlement following allegations of failure to reasonably enforce FINRA policies by allowing brokers to sell leveraged and inverse exchange-traded funds to retail investors. FINRA claims that Oppenheimer did not employ any meaningful compliance effort when executing unsolicited transactions through ineligible customers.
Oppenheimer & Co is to pay a $3m settlement following allegations of failure to reasonably enforce FINRA policies by allowing brokers to sell leveraged and inverse exchange-traded funds to retail investors. FINRA claims that Oppenheimer did not employ any meaningful compliance effort when executing unsolicited transactions through ineligible customers.