Justia Lawyer Rating
Super Lawyers - Rising Stars Kirk G. Smith
Super Lawyers Samuel B. Edwards
Super Lawyers William S. Shephard
Texas Bar Today Top 10 Blog Post
Avvo Rating. Samuel Edwards. Top Attorney
Lawyers Of Distinction 2018
Highly Recommended

Oppenheimer & Co.

Oppenheimer & Co. Background Information

Oppenheimer & Co. is the brokerage subsidiary of Oppenheimer Holdings, Inc., which is a Canadian company that was founded in 1950 to work with large institutional investors. This broker-dealer is one of three subsidiaries originally under Oppenheimer.

The other two subsidiaries are institutional investment manager Oppenheimer Capital Corporation and Oppenheimer Management Corp., which was later spun off and acquired by Invesco.

Today, Oppenheimer & Co. is a New York-based investment bank and full-service broker-dealer that services businesses, institutions, and high-net-worth individuals. It is also a registered investment advisor. Oppenheimer has offices in New York City, Long Island, Boca Raton, and other large cities in the United States. With over 1100 financial advisors, the firm manages more than $22B.

Our broker misconduct attorneys represent high-net-worth and institutional investors who have suffered losses as a result of broker fraud and negligence. Please contact Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) today.

Examples of Regulatory Violations Involving Oppenheimer & Co.

According to BrokerCheck, the firm has 273 disclosures on record, including regulatory violations. Here are some of them:

December 2019: UIT Excessive Sales Charges

The Financial Industry Regulatory Authority (FINRA) ordered Oppenheimer & Co. to pay over $3.8M in customer restitution over potentially excessive sales charges involving early unit investment trust (UIT) rollovers. The broker-dealer was also fined $800K for not reasonably supervising these rollovers.

January 2015: Federal Securities Law Violations

The US Securities and Exchange Commission (SEC) charged the brokerage firm with violating federal securities laws related to the improper sale of penny stocks in unregistered offerings for customers.

Oppenheimer & Co. not only admitted to wrongdoing but also the firm agreed to pay a $10M fine to resolve the charges. It also paid another $10M in a parallel civil case brought by the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN).

December 2013: Supervisory Deficiencies and Unfair Pricing

For alleged supervisory deficiencies and charging unfair and unreasonable prices involving municipal securities transactions, Oppenheimer & Co. paid a $675K fine and $246,974 plus interest in restitution. One trader, in particular, was involved in most of the transactions at issue.

August 2013: Unregistered Penny Stock Sales

FINRA fined Oppenheimer & Co. more than $1.4M over unregistered penny stock sales. Additionally, they did not have an adequate anti-money laundering program that could detect and report these suspect transactions.

February 2010: Sale of Auction-Rate Securities

In settlements reached with the Massachusetts Securities Division and the New York Attorney General, Oppenheimer & Co. agreed to buy back $31M in auction-rate securities (ARS). These illiquid investments were sold to investors resulting in investors being stuck with them when the ARS market failed.

July 2007: Supervisory Failures

Massachusetts fined Oppenheimer & Co. $1M for supervisory failures that allowed one of its brokers to defraud a widow. The brokerage firm also paid over $1M to the widow.

Investors Sue Oppenheimer & Co. Over Alleged $110M Ponzi Scam

On August 1, 2021, investors filed a securities fraud lawsuit against Oppenheimer over the investment losses they sustained in an alleged Ponzi scam involving ex-broker John J. Woods.

The former Georgia financial advisor is also facing SEC charges. He is accused of raising many millions of dollars for Horizon Private Equity III LLC and running the scheme through his investment advisory firm, Southport Capital.

The plaintiffs contend that the broker-dealer disregarded red flags of Woods’ alleged fraud. This allowed the ex-Oppenheimer financial advisor to move millions of dollars out of their accounts at the firm. The brokerage firm let Woods resign in 2016. Among Woods’ more than 400 alleged victims, many of them were elderly retirees.

Oppenheimer also has been named in FINRA arbitration claims brought by customers seeking to recoup their investment losses and other damages.

Seasoned Institutional Investor and High-Net-Worth Individual Investor Lawyers

Even with their ability to handle more risk, and with more money in their accounts, both institutional investors and high-net-worth individual investors can suffer significant losses. They too need the help of experienced securities attorneys to pursue damages against large firms such as Oppenheimer & Co.

SSEK Law Firm has helped thousands of US and foreign investors get back their financial losses after working with US-based brokerage firms. Call us at (800) 259-9010 today or contact us online.

Shepherd Smith Edwards & Kantas LTD LLP Law Firm
Team Photo

Our law firm represents institutional and individual investors nationwide who have lost a substantial portion of retirement or other assets. Our attorneys and staff have more than 100 years of combined experience in the securities industry and in securities law. Several of our lawyers served for years as Vice President or Compliance Officer of brokerage firms.

Each lawyer and staff member of our firm is devoted to assisting investors to recover losses caused by unsuitability, over-concentration, fraud, misrepresentation, self-dealing, unauthorized trades or other wrongful acts, whether intentional or negligent. We have handled thousands of cases against hundreds of large and small investment firms, including claims against CIBC Oppenheimer and Oppenheimer & Company.

Call us at (800) 259-9010 or contact us through our website to arrange a free confidential consultation with an attorney to discuss your or your company’s experiences with an investment advisor which led to losses in accounts.

Client Reviews
★★★★★
"I am going to miss conversations with you, Sam Edwards. You’ve been a wonderful lawyer and a friend. I loved learning legal jargon from you. But, even more, it is your self respect and commitment to your position that I admire and your persistent patience-your equanimity. With great appreciation, thank you!" M.B.
★★★★★
"My experience with Ryan Cook has been very positive. Through every step of the litigation he explained what to expect to happen. When I spoke with him later he reviewed the process. He was very patient and I never felt rushed. I have already told friends how wonderful he is." L.R.
★★★★★
"I want you to know that I very much appreciate your expertise, hard work and guidance that led to a satisfactory resolution with Raymond James. From our first meeting, I felt "heard" and that my situation and story were respected. Every subsequent interaction I had with any of you - in person, via email or by phone - only corroborated that feeling. What great work you do on behalf of people like me who have been wronged, yet don't know how to navigate the appeals/mediation/arbitration process as you do. I will be forever grateful." M.L.
★★★★★
"Good positive experience, guided us through a difficult process and was pleased with the outcome. Everyone I dealt with were exceptional." A.G.
★★★★★
"Good intelligent attorneys who never miss a beat. I set my expectations high and they delivered above and beyond. Do not miss the opportunity to let SSE&K represent you. Top notch, efficient and effective firm." S.M.
Contact Us
  1. 1 Free Consultation
  2. 2 No Recovery, No Fee
  3. 3 Over 100 Years Experience

Fill out the contact form or call us at (800) 259-9010 to schedule your free consultation.