{"id":1586,"date":"2015-01-28T21:38:57","date_gmt":"2015-01-28T21:38:57","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2015\/01\/oppenheimer_to_pay_20m_settlem"},"modified":"2022-03-11T13:41:09","modified_gmt":"2022-03-11T19:41:09","slug":"oppenheimer-to-pay-20m-settlem","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/oppenheimer-to-pay-20m-settlem\/","title":{"rendered":"Oppenheimer to Pay $20M Settlement to the SEC and FinCEN Over Penny Stock Violations"},"content":{"rendered":"

\t\t\t\tOppenheimer & Co. (OPY) <\/a>has consented to pay $20 million to resolve settlements with the U.S. Securities and Exchange Commission and the Financial Crimes Enforcement Network. The firm is accused of not properly identifying and reporting suspect trades in penny stocks. The low priced, highly speculative securities are easy to manipulate and involve in pump-and-dump scams<\/a>. <\/p>\n

At least 16 Oppenheimer customers in several U.S. states were reportedly identified as having engaged in “suspicious activity.” Admitting guilt, the broker-dealer acknowledged that it did not set up and implement a proper anti-money laundering program nor did it perform sufficient due diligence on a foreign correspondent account. Oppenheimer also said that it failed to comply with the USA PATRIOT Act’s Section 311, which allows FinCEN’s director to decide whether a foreign financial firm is a money laundering risk. <\/p>\n

The government agency said that because Oppenheimer did not notify its foreign correspondent financial institutions of the special measures under Section 311, the firm ended up conducting business without setting up the necessary procedures, policies, and internal controls that allow it to reasonably report and detect suspect fraud activity from ’08 to ’14. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Oppenheimer & Co. (OPY) has consented to pay $20 million to resolve settlements with the U.S. Securities and Exchange Commission and the Financial Crimes Enforcement Network. The firm is accused of not properly identifying and reporting suspect trades in penny stocks. The low priced, highly speculative securities are easy to manipulate and involve in pump-and-dump […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3786,3801,3760,3741],"tags":[],"class_list":["post-1586","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-oppenheimer","category-sec","category-sec-enforcement","category-securities-fraud"],"yoast_head":"\nOppenheimer to Pay $20M Settlement to the SEC and FinCEN Over Penny Stock Violations — Investor Lawyers Blog — January 28, 2015<\/title>\n<meta name=\"description\" content=\"Oppenheimer & Co. 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