{"id":24,"date":"2006-01-09T12:32:34","date_gmt":"2006-01-09T12:32:34","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2006\/01\/oppenheimer_ceo_charged_by_nas"},"modified":"2021-09-20T15:41:10","modified_gmt":"2021-09-20T20:41:10","slug":"oppenheimer-ceo-charged-by-nas","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/oppenheimer-ceo-charged-by-nas\/","title":{"rendered":"Oppenheimer CEO Charged by NASD with Knowingly Producing Inaccurate Data"},"content":{"rendered":"

The NASD is charging Albert Lowenthal, Oppenheimer & Co.’s<\/a> CEO, with knowingly turning in data that was not complete or accurate when it responded to the self-regulatory agency’s request that the brokerage firm assess its own practices pertaining to mutual fund breakpoint discounts. This latest complaint stems from a report issued in 2003 by NASD and other regulators that demonstrated how almost one in three mutual fund transactions in front-end load mutual funds did not get a breakpoint discount even though they looked to be eligible for one.<\/p>\n

Because of this, NASD told about 2,000 brokerage firms that sold front-end load mutual funds during the two years previous to perform their own assessment of self-compliance regarding related requirements and report their findings. Oppenheimer (OPY)<\/a> was one of the broker-dealers that got this request.<\/p>\n

The breakpoint sweep led to investors getting over $130 million back. These are breakpoint discounts they should have received previously.<\/p>\n

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

The NASD is charging Albert Lowenthal, Oppenheimer & Co.’s CEO, with knowingly turning in data that was not complete or accurate when it responded to the self-regulatory agency’s request that the brokerage firm assess its own practices pertaining to mutual fund breakpoint discounts. This latest complaint stems from a report issued in 2003 by NASD […]<\/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],"tags":[],"class_list":["post-24","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-oppenheimer"],"yoast_head":"\nOppenheimer CEO Charged by NASD with Knowingly Producing Inaccurate Data — Investor Lawyers Blog — January 9, 2006<\/title>\n<meta name=\"description\" content=\"The NASD is charging Albert Lowenthal, Oppenheimer & Co.'s CEO, with knowingly turning in data that was not complete or accurate when it responded to — January 9, 2006\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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