FINRA Sanctions Oppenheimer & Co. $3.4 Million For Reporting Violations, Failing To Comply With Discovery Obligations In Arbitrations, And Other Supervisory Failures - $1.85 Million Paid To Customers

The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Oppenheimer & Co. Inc. $1.575 million and ordered the firm to pay $1.85 million to customers for failing to report required information to FINRA, failing to produce documents in discovery to customers who filed arbitrations, and for not applying applicable sales charge waivers to customers.