Oppenheimer investment banking is the financial auxiliary of Oppenheimer Holdings, Inc., a Canadian organization founded in 1950 that works with a large institutional financial backer. The agency provider is one of three auxiliaries originally affiliated with Oppenheimer.
The other two ancillary institutions were institutional risk manager Oppenheimer Capital Corporation and Oppenheimer Management Corp., which later pivoted and was acquired by Invesco.
Today, Oppenheimer investment banking is a New York-based provider of venture banking and discretionary management representation serving managed organizations, institutions, and high-net-worth individuals. It is also a registered risk advisor. Oppenheimer has workplaces in New York City, Long Island, Boca Raton, and other large urban communities in the United States. The firm has more than 1100 currency advisors overseeing over $22B.
Examples of Regulatory Violations Involving Oppenheimer investment banking
According to BrokerCheck, the company has 273 cases on record, including administrative infringements. Here are some of them:
December 2019: UIT sales fees are too high
The Financial Industry Regulatory Authority (FINRA) has ordered Oppenheimer and Co. to pay more than $3.8 million in customer compensation for potentially exorbitant transaction fees, including an early unit risk trust (UIT) rollover. Representing the seller was also fined $800,000 for unwisely overseeing these rollovers.
January 2015: Violation of Federal Securities Laws
The U.S. Securities and Exchange Commission (SEC) accused the financial firm of ignoring government protections related to unwisely offering clients unregistered penny stocks.
Oppenheimer investment banking admitted bad behavior, and the company agreed to pay a $10 million fine to settle the charges. It also paid $10 million in an equally common case brought by the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
December 2013: Regulatory deficiencies and unfair pricing
Oppenheimer paid $675,000 in fines and $246,974 in fines, in addition to conspiracy damages, for alleged administrative misconduct and unreasonable and absurd charges, including a civil protection exchange. Specifically, one broker was involved in most of the controversial exchanges.
August 2013: Unregistered penny stock sales
FINRA fines Oppenheimer and Co. more than $1.4 million for unregistered penny stock trading. Furthermore, they do not have a satisfactory tax evasion scheme that the enemy can identify and report on these suspicious transactions.
February 2010: Sale of Auction Rate Securities
In a settlement with the Massachusetts Department of Securities and the New York Attorney General, Oppenheimer agreed to repurchase $31 million in closeout rate protection (ARS). These illiquid businesses are offered to financial backers who are left behind when the ARS market fails.
July 2007: Regulatory failure
Massachusetts fines Oppenheimer and Co. $1 million after administrative disappointment allowed one of its representatives to defraud a widow. The financial firm also paid the widow more than $1 million.
Investors Sue Oppenheimer investment banking Alleged $110M Ponzi Scam
On August 1, 2021, financial backers, including former Representative John Woods ( John J. Woods).
The former Georgia currency adviser also has to contend with penalties from the SEC. He is accused of raising a lot of money for Horizon Private Equity III LLC and running the scheme through his risk warning firm, Southport Capital.
The offended parties argued that the professional supplier dismissed Woods’ warning of alleged extortion. This has allowed the former Oppenheimer financial adviser to draw large sums of money from their records at the company. The financial firm let Woods go in 2016. Of the more than 400 casualties claimed by Woods, a large number were elderly retirees.
Oppenheimer was also named in FINRA mediation of claims by clients trying to recover their speculative misfortune and different injuries.
Is Oppenheimer a good company?
Oppenheimer is a generally excellent organization to work for. Individuals are astonishing and extremely focused. Its a moderate size organization yet has the vibe of a little organization with an extremely steady climate.
Is Oppenheimer a good investment bank?
Oppenheimer Holdings, a heritage brand, is a mid-tier venture capital bank and fully managed trading company. The organization provides speculative banking, executive resources and confidential client management services. Oppenheimer reveals dramatic developments in the last five years, with critical speed increases in 2020 and 2021.