SEC Charges Oppenheimer Advisers For Misleading Investors

The Securities and Exchange Commission filed charges against two Oppenheimer & Co. investment advisers for misleading investors about the valuation and performance of a private equity fund, Oppenheimer Global Resource Private Equity Fund I L.P. which was marketed from October 2009 until June 2010.

According to the SEC, the largest investment in the fund was Cartesian Investors-A, LLC, which was improperly valued resulting in a material increase in the performance of the Global Resource Fund and causing investors to be misled as to the actual performance of the fund.

Oppenheimer paid $2.8 million in fines and restitution to resolve the matter with the SEC and will pay an additional $132,421 to resolve a related action brought by the Massachusetts Attorney General.

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