The 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.