Oppenheimer Fined $1.4M For AML Violations

By  |  August 5, 2013
 | 

Oppenheimer & Co has agreed to pay $1.425 million in fines at the request of FINRA, Reuters reported on August 5.

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    The fines stem from the sale of more than 1 billion shares of unregistered penny stocks and anti-money laundering (AML) violations.

    “The sales of penny stocks at issue in the settlement with FINRA occurred a number of years ago and were mostly conducted by brokers no longer associated with our firm,” Brian Maddox, a spokesman for Oppenheimer, told the media outlet.

    For more on this story, read the full report here.


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