Articles Tagged with Oppenheimer & Co.

79 investment advisers have settled charges brought by the US Securities and Exchange Commission (SEC) accusing them of not properly disclosing conflicts of interests involving the sale of costlier mutual fund share classes that caused them to earn more fees. The regulator’s action is related to its Share Class Section Disclosure Initiative. Announced by the SEC’s Division of Enforcement early last year, the initiative gives firms the chance to report disclosure failures that violate the Advisers Act, while offering them more “favorable settlement terms” in return.

Here is a partial list of some of the investment advisers involved in this case:

  • AXA Advisors

Lawyers representing a retired couple in a claim against Oppenheimer & Co., Inc. recently obtained an award from a Financial Industry Regulatory Authority (“FINRA”) arbitration panel awarding them $800,000 in damages.  The claim was based upon an investment of the couple’s money, including retirement assets, into various energy stocks, including Breitburn Energy Partners, Sandridge Permian Trust, Atlas Resource Partners, and Vanguard National Resources.  The arbitration panel found that Oppenheimer was negligent in the treatment of the clients, and awarded $800,000 in damages, $61,5217 in costs, and post-judgement interest.

The broker, Evan Fischer, appears to have moved to Ameriprise Financial Services, Inc., despite the fact he currently has four customer claims against him, including the one recently concluded with this award, which allege various types of mismanagement of client assets.  It is unclear whether these other customer complaints involve investments in energy stocks like Breitburn or Sandridge.

Unfortunately, when brokers act improperly with some clients, as Mr. Fischer has been accused of doing by at least four different clients, they often do so with many clients.  If you are or were a client of Mr. Fischer and believe you may have been inappropriately invested or otherwise lost money with him, contact the law firm of Shepherd, Smith, Edwards & Kantas LLP for a free, no obligation evaluation of your account to determine if you might have a claim to attempt to recover some or all of your losses.  All communications will be kept strictly confidential, and you will not be billed in any way for a consultation.

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