{"id":1618,"date":"2015-03-29T13:37:59","date_gmt":"2015-03-29T13:37:59","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2015\/03\/oppenheimer_must_pay_25m_fine"},"modified":"2022-03-22T13:33:14","modified_gmt":"2022-03-22T18:33:14","slug":"oppenheimer-must-pay-25m-fine","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/oppenheimer-must-pay-25m-fine\/","title":{"rendered":"Oppenheimer Must Pay $2.5 Million Fine, $1.25 Million in Restitution for Not Supervising Ex-Broker"},"content":{"rendered":"

The Financial Industry Regulatory Authority is fining Oppenheimer & Co (OPY)<\/a> $2.5M for not supervising Mark Hotton. The ex-broker stole from customers and excessively traded in their accounts. Oppenheimer must also pay $1.25 million in restitution.<\/p>\n

To date, the brokerage firm has paid over $6 million to settle customer securities arbitration<\/a> claims involving Hotton. This latest restitution will go to another 22 customers who did not file claims.<\/p>\n

According to the self-regulatory organization, Oppenheimer did not properly investigate Hotton before hiring him, despite the fact that FINRA’s own records linked him to several customer complaints and criminal charges. After discovering that Hotton’s business partners sued him for bilking them out of millions of dollars, still the firm did not heighten supervision over him.<\/p>\n

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

The Financial Industry Regulatory Authority is fining Oppenheimer & Co (OPY) $2.5M for not supervising Mark Hotton. The ex-broker stole from customers and excessively traded in their accounts. Oppenheimer must also pay $1.25 million in restitution. To date, the brokerage firm has paid over $6 million to settle customer securities arbitration claims involving Hotton. 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