Defendant Name:
Oppenheimer & Co. Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Oppenheimer Holdings, Inc
SIC Code:
6211
CUSIP:
68379710
Initial Case Details
Legal Case Name
In the Matter of Oppenheimer & Co. Inc.
First Document Date
18-Jun-2015
Initial Filing Format
Administrative Action
File Number
3-16629
Allegation Type
Municipal Securities & Public Pensions
Resolutions
First Resolution Date
18-Jun-2015
Related Documents:
33-9836
18-Jun-2015
Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 15(b) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On June 18, 2015, the SEC instituted settled administrative and cease-and-desist proceedings. According to the SEC: "This matter involves violations of an antifraud provision of the federal securities laws in connection with Respondent's underwriting of certain municipal securities offerings. Respondent, a registered broker-dealer, conducted inadequate due diligence in certain offerings and as a result, failed to form a reasonable basis for believing the truthfulness of certain material representations in official statements issued in connection with those offerings. This resulted in Respondent offering and selling municipal securities on the basis of materially misleading disclosure documents."
Order Under Rules 262, 405, 505(b)(2)(iii)(C), 506(d)(2)(ii), and 602(e) of the Securities Act of 1933 Granting Waivers of the Disqualification Provisions of Rules 262(b)(3), 505(b)(2)(iii), 506(d)(1)(iv), and 602(c)(3) of the Securities Act of 1933, and Granting Waivers From Being Ineligible Issuers
According to the SEC: "In March 2014, the Division of Enforcement (the 'Division') announced the Municipalities Continuing Disclosure Cooperation Initiative (the 'MCDC Initiative'), a self-reporting program intended to address potentially widespread violations of the federal securities laws resulting from misrepresentations in municipal bond offering documents about prior compliance with continuing disclosure obligations." Previously, the SEC issued separate orders instituting administrative and cease-and-desist proceedings against certain municipal underwriters who participated in the MCDC Initiative (the 'MCDC Underwriters'). On June 18, 2015 the SEC stated: "In light of the participation of the MCDC Underwriters in the MCDC Initiative and their agreement to consent to its terms, assuming the MCDC Underwriters comply with the terms of the MCDC Orders, and in light of the benefits of the MCDC Initiative discussed herein, the Commission has determined that good cause exists for not denying the various exemptions from registration discussed herein, and for MCDC Issuers to receive waivers from being ineligible issuers that results from the entry of the MCDC Orders."
SEC Charges 36 Firms for Fraudulent Municipal Bond Offerings
On June 28th, 2015, the SEC charged a number of underwriters for fraudulent offerings of municipal bonds, including Oppenheimer & Co. Inc. The firms all agreed to cease and desist from such violations in the future without admitting or denying the findings of the Commission.
