February 28, 2015 1:04 PM ET

Capital Markets

Company Overview of Oppenheimer & Co. Inc.

Company Overview

Oppenheimer & Co. Inc. offers investment banking, mutual fund advisory, securities research, and asset management services. The company's services include order execution, securities clearing, institutional equity sales and trading, and customer accounting. It deals in stocks, bonds, options and commodities and provides research analysis, investment advice, and support services. Oppenheimer & Co. Inc. was founded in 1950 and is based in New York, New York. Oppenheimer & Co. Inc. operates as a subsidiary of Oppenheimer Holdings Inc.

85 Broad Street

New York, NY 10004

United States

Founded in 1950

Phone:

212-668-8000

Fax:

212-943-8728

Key Executives for Oppenheimer & Co. Inc.

President
Chief Financial Officer and Executive Vice President
Age: 44
Chief Executive Officer of Oppenheimer Investments Asia and President of Oppenheimer Investments Asia
Managing Director of Investments and Area Manager
Head of Technology and Co-Head of Investment Banking
Compensation as of Fiscal Year 2014.

Oppenheimer & Co. Inc. Key Developments

Oppenheimer & Co. Inc. Investment Banking Division Names Nigel Bell as Managing Director of its Consumer and Retail Team

The Investment Banking division of Oppenheimer & Co. Inc. announced that Nigel Bell has joined the firm as a Managing Director in its Consumer and Retail team. He will be based at the firm's 85 Broad Street New York headquarters. He will report to Bruce McCarthy and Marc Thompson, Managing Directors and Co-Heads of Investment Banking. Bell joins Oppenheimer from Bell Capital Advisory Partners, where he was the Managing Partner and Founder.

Oppenheimer & Co. Inc. Announces Executive Changes

Oppenheimer & Co. Inc. announced the appointment of Managing Director Doron Barness to the position of Head of Trading for its U.S. equity division. Doron is stepping into the role of veteran manager Peter Feinberg, is retiring later this month. Doron will continue to work out of Oppenheimer's global headquarters at 85 Broad Street in New York City. He reports to John Hellier, Senior Managing Director, Head of Equities. Previously to joining Oppenheimer, Mr. Barness was a founding partner at WP Asset Management.

Securities and Exchange Commission Charges Oppenheimer & Co. with Violating Federal Securities Laws

The Securities and Exchange Commission charged Oppenheimer & Co. with violating federal securities laws while improperly selling penny stocks in unregistered offerings on behalf of customers. Oppenheimer agreed to admit wrong doing and pay $10 million to settle the SEC’s charges. Oppenheimer will pay an additional $10 million to settle a parallel action by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). According to the SEC’s order instituting a settled administrative proceeding, Oppenheimer engaged in two courses of misconduct. The first involved aiding and abetting illegal activity by a customer and ignoring red flags that business was being conducted without an applicable exemption from the broker-dealer registration requirements of the federal securities laws. The customer was Gibraltar Global Securities, a brokerage firm in the Bahamas that is not registered to do business in the U.S. Oppenheimer executed sales of billions of shares of penny stocks for a supposed proprietary account in Gibraltar’s name while knowing or being reckless in not knowing that Gibraltar was actually executing transactions and providing brokerage services for its underlying customers, including many in the U.S. The SEC separately charged Gibraltar in 2013 for its alleged misconduct. The SEC’s order finds that Oppenheimer failed to file Suspicious Activity Reports as required under the Bank Secrecy Act to report potential misconduct by Gibraltar and its customers, and the firm failed to properly report, withhold, and remit more than $3 million in backup withholding taxes from sales proceeds in Gibraltar’s account. Oppenheimer also failed to recognize the resulting liabilities and expenses in violation of the books-and-records requirements, and improperly recorded transactions for Gibraltar’s customers in Oppenheimer’s books and records. According to the SEC’s order, the second course of misconduct involved Oppenheimer again engaging on behalf of another customer in unregistered sales of billions of shares of penny stocks. The SEC’s investigation, which is continuing, found that the sales generated approximately $12 million in profits of which Oppenheimer was paid $588,400 in commissions. The firm’s liability stems from its failure to respond to red flags and conduct a searching inquiry into whether the sales were exempt from registration requirements of the federal securities laws, and its failure reasonably to supervise with a view toward detecting and preventing violations of the registration provisions.

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