Defendant Name:
Oppenheimer Asset Management Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Oppenheimer Holdings, Inc
SIC Code:
6211
CUSIP:
68379710
Document Reference:
33-9390
Document Details
Legal Case Name
In the Matter of Oppenheimer Asset Management, Inc. and Oppenheimer Alternative Investment Management, LLC
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions
Document Date
11-Mar-2013
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On March 11, 2013, the SEC instituted settled administrative and cease-and-desist proceedings against Oppenheimer Asset Management, Inc. and Oppenheimer Alternative Investment Management, LLC. According to the SEC: "This matter concerns registered investment advisers Oppenheimer Asset Management Inc.'s ('OAM') and Oppenheimer Alternative Investment Management, LLC's ('OAIM') misrepresentations and omissions to investors and prospective investors about the asset value of a fund of private equity funds vehicle they managed, Oppenheimer Global Resource Private Equity Fund I, L.P. ('OGR'). OAM's and OAIM's written policies and procedures did not contain provisions reasonably designed to prevent violations of the Advisers Act and the rules adopted thereunder. While the policies and procedures required the compliance department to review and approve marketing materials, those procedures did not require a review of portfolio manager valuations and were not reasonably designed to ensure that valuations were determined in a manner consistent with written representations to investors." The SEC stated that: "Payment of $376,700 in disgorgement and $23,935 in prejudgment interest shall be deemed satisfied by that portion of Respondents' payments made pursuant to a related action by the Commonwealth of Massachusetts, by and through Martha Coakley, Attorney General." The SEC also stated that: "Respondents acknowledge that the Commission is not imposing a civil penalty in excess of $617,579 based upon their cooperation in this investigation and related enforcement action."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Compliance Related Independent Consultant
Other Compliance Related Undertaking
Cooperation Before the Resolution
Monetary Penalties:
Disgorgement
Individual:
Shared:
$2,128,232.00
Shared with: Oppenheimer Alternative Investment Management, LLC
Civil Penalty
Individual:
Shared:
$617,579.00
Shared with: Oppenheimer Alternative Investment Management, LLC
Pre-Judgment Interest
Individual:
Shared:
$140,866.00
Shared with: Oppenheimer Alternative Investment Management, LLC
Other Defendants in Action:
