Costello Law Group
Representing Clients Nationwide Free Initial Consultations
Local: 410-832-8800Toll Free: 877-418-0003

Oppenheimer Ordered to pay $3.75 million

The Financial Industry Regulatory Authority (FINRA) has ordered Oppenheimer & Co. to pay a fine of $2.5 million and make restitution in the amount of $1.25 million for failing to properly supervise Mark Hotton, a financial advisor employed by the firm. Hotton is currently serving a 34 month prison sentence. According to FINRA, Oppenheimer ignored numerous red flags regarding Hotton which warranted heightened supervision measures. The lack of supervision allowed Hutton to wire over $2.9 million of client monies into his own accounts. Hotton's actions have caused Oppenheimer to pay more than $6 million to settle customer disputes.

If you believe you have been victimized by securities fraud, financial malpractice, or theft by a FINRA registered broker, please call the securities attorneys of the Costello Law Group at (877) 418-0003 for a free consultation.

To read more, please visit: http://www.finra.org/newsroom/2015/finra-sanctions-oppenheimer-co-375-million-supervisory-failures

No Comments

Leave a comment
Comment Information

Contact Our Firm

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy