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Arbitrators Hit Oppenheimer & Co with $36M Ruling Over Ponzi Scheme

An arbitration panel has issued a more than $36 million arbitration award against Oppenheimer & Co. So reports Advisor Hub.

gavel 3576932 640smallThe ruling was related to a Ponzi scheme by its brokers that led to more than $100 million in losses for investors. According to a lawyer for the victims, they were offered steady, but not astronomical, returns. The brokers are no longer with the firm.

Last summer, a group of investors filed the complaint, accusing Oppenheimer & Co. of negligence, breach of contract, violating its fiduciary responsibility and breaking RICO laws in Georgia. Oppenheimer said it plans to file a motion to vacate the verdict in court.

Read the full article from Advisor Hub.

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