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. The firm has agreed to the settlement, which was announced on Tuesday, in connection with its sale of two funds, one for institutional investors and another for individual investors, that were designed to track the performance of an
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.