{"id":5741,"date":"2015-02-12T00:00:00","date_gmt":"2015-02-12T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/02\/sec_commissioners_oppose_regul"},"modified":"2022-03-11T08:59:46","modified_gmt":"2022-03-11T14:59:46","slug":"sec-commissioners-oppose-regul","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-commissioners-oppose-regul\/","title":{"rendered":"SEC Commissioners Oppose Regulator\u2019s Leniency Toward Oppenheimer, Despite Violations"},"content":{"rendered":"\n

SEC Commissioners Luis Aguilar and Kara Stein, both Democrats, say that they were among those that voted to grant Oppenheimer & Co. (OPY)<\/a> special benefits even after the brokerage firm committed rules violations. It was just last month that the broker-dealer consented to pay a $20 million penalty while admitting to failures and resolving charges related to its failure to detect money laundering.<\/p>\n

In that case, also settle with the Financial Crimes Enforcement Network, the firm did not properly identify and report suspicious penny stock trades, even though numerous Oppenheimer customers reportedly were involved in such activities. The broker-dealer admitted that it failed to establish a suitable anti-money laundering program and did not perform proper due diligence on a foreign correspondent account.<\/p>\n

Yet, the regulator overturned the automatic disqualification that should have come with the violation. That happened when SEC Chairman Mary Jo White and the other two members (both Republicans) outvoted the Democratic member. Now, Oppenheimer is allowed to continue selling hedge funds to rich individuals. As part of the condition for the leniency, the broker-dealer will retain a law firm and consultant to make sure that its procedures and policies fall in compliance.<\/p>\n

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

SEC Commissioners Luis Aguilar and Kara Stein, both Democrats, say that they were among those that voted to grant Oppenheimer & Co. (OPY) special benefits even after the brokerage firm committed rules violations. It was just last month that the broker-dealer consented to pay a $20 million penalty while admitting to failures and resolving charges […]<\/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":[3752,3786,3760,3761],"tags":[],"class_list":["post-5741","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-oppenheimer","category-sec-enforcement","category-securities-and-exchange-commis"],"yoast_head":"\nSEC Commissioners Oppose Regulator\u2019s Leniency Toward Oppenheimer, Despite Violations — Investor Lawyers Blog — February 12, 2015<\/title>\n<meta name=\"description\" content=\"SEC Commissioners Luis Aguilar and Kara Stein, both Democrats, say that they were among those that voted to grant Oppenheimer & Co. 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