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June 16, 2015

Oppenheimer Ordered to pay $3.75 million

The Financial Industry Regulatory Authority (FINRA) has ordered Oppenheimer & Co. to pay a fine of $2.5 million and make restitution in the amount of $1.25 million for failing to properly supervise Mark Hotton, a financial advisor employed by the firm. Hotton is currently serving a 34 month prison sentence. According to FINRA, Oppenheimer ignored numerous red flags regarding Hotton which warranted heightened supervision measures. The lack of supervision allowed Hutton to wire over $2.9 million of client monies into his own accounts. Hotton’s actions have caused Oppenheimer to pay more than $6 million to settle customer disputes.

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