{"id":3667,"date":"2016-06-09T00:00:00","date_gmt":"2016-06-09T05:00:00","guid":{"rendered":"https:\/\/stockbrokerfraudblog.blawgcloud.com\/2016\/06\/oppenheimer_to_pay_29m_for_uns_1"},"modified":"2022-03-11T13:40:50","modified_gmt":"2022-03-11T19:40:50","slug":"oppenheimer-to-pay-29m-for-uns-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/oppenheimer-to-pay-29m-for-uns-1\/","title":{"rendered":"Oppenheimer to Pay $2.9M for Unsuitable Non-Traditional Exchange-Traded Fund Sales"},"content":{"rendered":"

FINRA is fining Oppenheimer & Co. Inc. (OPY)<\/a> $2.2M for the sale of non-traditional exchange-traded funds, including inverse, leveraged, and inverse-leveraged ETFs, to retail customers without proper supervision and for suggesting them to clients even though they were not appropriate investments for them. The self-regulatory organization is also making the firm pay over $716,000 to the customers who were impacted.<\/p>\n

FINRA said that even though Oppenheimer put into place policies barring representatives from both selling non-traditional ETFs to retail customers and executing non-traditional ETF purchases that were unsolicited for said customers unless they met certain requirements\u2014including liquid assets greater than $50OK\u2014the firm did not do a reasonable job of making sure that these policies were properly enforced. (The firm had put them into effect after FINRA issued a notice advising brokerage firms of the risks involved in non-traditional ETFs.) Because of this, Oppenheimer continued to market non-traditional ETFs to retail customers and effect transactions that were unsolicited for those who failed to meet the requirements.<\/p>\n

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

FINRA is fining Oppenheimer & Co. Inc. (OPY) $2.2M for the sale of non-traditional exchange-traded funds, including inverse, leveraged, and inverse-leveraged ETFs, to retail customers without proper supervision and for suggesting them to clients even though they were not appropriate investments for them. The self-regulatory organization is also making the firm pay over $716,000 to […]<\/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":[4023,3752,3786],"tags":[],"class_list":["post-3667","post","type-post","status-publish","format-standard","hentry","category-exchange-traded-funds","category-financial-firms","category-oppenheimer"],"yoast_head":"\nOppenheimer to Pay $2.9M for Unsuitable Non-Traditional Exchange-Traded Fund Sales — Investor Lawyers Blog — June 9, 2016<\/title>\n<meta name=\"description\" content=\"FINRA is fining Oppenheimer & Co. Inc. 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