Oppenheimer Fined for Unsuitable Sales of Exchange Traded Funds (ETFs)
The Financial Industry Regulatory Authority (FINRA) announced on June 8, 2016 that it fined Oppenheimer & Co., Inc. $2.25
million and ordered the firm to pay restitution of more than $716,000 to customers who were sold
leveraged, inverse and inverse-leveraged exchange-traded funds. The essence of the complaint filed by
FINRA was that these risky ETFs were sold to retail customers without reasonable supervision and that
these non-tradition ETFs were not suitable for the retail customers involved there.
FINRA also determined that Oppenheimer failed to conduct due diligence regarding these risky ETFs which
were solicited and sold to several elderly retail customers with an overall conservative investment
objective.
We offer a free initial consultation to retail customers who have been sold and sustained unnecessary
losses in leveraged, inverse and inverse-leveraged exchange-traded funds (ETFs). For an appointment
contact the Law
Offices of Timothy J. O’Connor at (518) 426-7700.
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