Defendant Name: Oppenheimer & Co. Inc.

Defendant Type: Subsidiary of Public Company

Document Reference: 2024-18_3-21852

Document Details

Legal Case Name In the Matter of Oppenheimer & Co. Inc.
Document Name Sixteen Firms to Pay More Than $81 Million Combined to Settle Charges for Widespread Recordkeeping Failures
Document Date 09-Feb-2024
Document Format Administrative Proceeding
File Number 3-21852
Allegation Type Broker Dealer
Document Summary On February 9, 2024, the SEC "announced charges against five broker-dealers, seven dually registered broker-dealers and investment advisers, and four affiliated investment advisers for widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Censured
Compliance Related Independent Consultant
Other Compliance Related Undertaking
Monetary Penalties:

Civil Penalty

Individual:     $12,000,000.00 Shared:    

Related Documents:

34-99503 09-Feb-2024 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On February 9, 2024, the SEC instituted administrative and cease-and-desist proceedings against Oppenheimer & Co. Inc., stating: "From at least January 2020, Oppenheimer employees sent and received offchannel communications that related to the business of the broker-dealer. Respondent did not maintain or preserve the substantial majority of these written communications. Respondent’s failure was firm-wide and involved employees at all levels of authority. As a result, Oppenheimer violated Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder."
34-102346 05-Feb-2025 Commission Order and Opinion
Order Granting Extension of Time
The Commission ordered that: "the Division shall file its response to the respondent’s motion by February 13, 2025."
34-102860_3-21852 14-Apr-2025 Commission Order and Opinion
Order Denying Motions To Modify Or Amend And Stay Settled Orders
On April 14, 2025, the SEC denied Respondents' motions to modify settled orders on off-channel communications, stating that the Respondents do not make the showing necessary to modify the Settled Orders and rely on inapposite or inapplicable Commission authority.