Estimated reading time: 0 minutes, 33 seconds

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.

Read 964 times
Rate this item
(0 votes)

Visit other PMG Sites:

PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.