On August 5th, 2014, Reuters reported that Oppenheimer had received a ‘Wells Notice” from the Financial Industry Regulatory Authority (FINRA) asking why the firm should not be charged with rules violations related to supervision and other matters involving a “former financial advisor”.
The US Securities & Exchange Commission and the Justice Department charged Vladimir Eydelman with securities fraud in March 2014 for trading in undisclosed merger deals and tender offers. According to FINRA records Eydelman was registered with Oppenheimer from 1/2003-9/2012 when he left for Morgan Stanley, which he left in 4/2014. He is not currently registered.
According to the Reuters article, Oppenheimer reported that it expects the SEC and FinCEN, a division of the US Treasury that investigates money laundering., to file actions against it related to the sale of low-priced securities, penny stocks, for the time frame of August 2008 to September 2010.
Oppenheimer paid FINRA a $1.43 million fine in 2013 to resolve allegations that its policies and procedures related to penny-stock sales were inadequate.
Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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