Oppenheimer & Co.

Oppenheimer & Co. is a New York City-based investment bank that provides financial services and advice to individuals and businesses. The firm is a wholly-owned subsidiary of Oppenheimer Holdings, a Canadian financial services holdings company. The brokerage firm’s history goes back to 1881, Fahnestock & Co. was founded. Through expansion and merger activity, Fahnestock & Co. eventually became Fahnestock Viner Holdings, which acquired Oppenheimer’s U.S. private client and asset management divisions in 2003, and changed its name to Oppenheimer Holdings. When that happened, the company’s principal operating subsidiary, Fahnestock & Co., was renamed Oppenheimer & Co.

Oppenheimer Fined for Victimizing Widow

In July 2007, Oppenheimer & Co. was fined a million dollars by Massachusetts regulators for claims of supervisory failures after an Oppenheimer broker victimized a widow and the widow’s dying husband. The firm also paid more than a million to the widow. Oppenheimer was charged with failing to supervise its broker as that broker allegedly engaged in theft, fraud, churning and unauthorized trading in the account of an elderly couple. The firm consented to the order without admitting or denying the claims. The broker is currently under indictment for securities fraud.
Yet, abuse of the widow reportedly did not end with Oppenheimer’s failure to supervise. After personnel at the widow’s bank advised the widow to complain to Oppenheimer’s management, Oppenheimer apparently attempted to minimize the broker’s wrongdoing, which included $350,000 in forged checks, and allowed the broker to remain employed at Oppenheimer for a year until he resigned. During the investigation, Oppenheimer was also accused of making “false and misleading” statements and withholding emails from the state regulators.

Oppenheimer Ordered to Pay Customer $250,000

A New York Stock Exchange arbitration panel ordered Oppenheimer to pay an investor $250,000 to compensate her for damages that she suffered as a result of Oppenheimer’s misconduct. The investor alleged unsuitability, failure to supervise, breach of fiduciary duty, negligence and violations of Pennsylvania statutes with respect to investments in technology stocks and other stocks purchased on margin.

If you suffered investment losses, please contact us or communicate with a Dimond Kaplan & Rothstein, P.A. attorney at 888-578-6255 or jkaplan@dkrpa.com for a free case evaluation.

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Miami Office
Grand Bay Plaza
2665 S. Bayshore Drive
Penthouse 2B
Miami, FL 33133
Telephone: 786.628.8236

Los Angeles Office
Available by Appointment
2029 Century Park East
Century Plaza Tower
Suite 400N
Los Angeles, CA 90067
Telephone: 424.544.7930

New York City Office
Available by Appointment
14 Wall St, 20th Floor
New York, NY 10005
Telephone: 917.382.5217

West Palm Beach Office
Northbridge Centre
515 N. Flagler Drive, Suite P-300
West Palm Beach, FL 33401
Telephone: 561.475.2887

Detroit Office
41000 Woodward Avenue,
Suite 350 East
Bloomfield Hills, Mi 48304
Telephone: 248.368.0182