January 21, 2017 7:42 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. The company 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





Key Executives for Oppenheimer & Co. Inc.

Chairman and Chief Executive Officer
Age: 70
Chief Financial Officer and Executive Vice President
Age: 46
Chief Executive Officer of Oppenheimer Investments Asia and President of Oppenheimer Investments Asia
Managing Director of Investments and Area Manager
Compensation as of Fiscal Year 2016.

Oppenheimer & Co. Inc. Key Developments

The Financial Industry Regulatory Authority Sanctions Oppenheimer & Co. $3.4 Million for Reporting Violations, Failing to Comply with Discovery Obligations in Arbitrations, and Other Supervisory Failures

The Financial Industry Regulatory Authority announced that it has fined Oppenheimer & Co. Inc. $1.575 million and ordered the firm to pay $1.85 million to customers for failing to report required information to FINRA, failing to produce documents in discovery to customers who filed arbitrations, and for not applying applicable sales charge waivers to customers. FINRA found that over a span of several years, Oppenheimer failed to timely report to FINRA more than 350 required filings including securities-related regulatory findings, disciplinary actions taken by Oppenheimer against its employees, and settlements of securities-related arbitration and litigation claims. FINRA rules require firms to timely and accurately report required information, yet Oppenheimer's procedures did not provide direction to its employees on making these disclosures. On average, Oppenheimer made these filings more than four years late. Oppenheimer also failed to timely disclose that its then Anti-Money-Laundering Compliance Officer and another employee had received Wells notices from the Securities and Exchange Commission. Oppenheimer had revised its supervisory procedures as a result of a prior FINRA investigation but failed to adopt adequate procedures that addressed a specific obligation to report regulatory events involving its employees. In addition, FINRA found that between 2010 and 2013, Oppenheimer failed to produce relevant documents during discovery to seven arbitration claimants who alleged Oppenheimer failed to supervise former registered representative Mark Hotton. Oppenheimer failed to provide spreadsheets showing that Mark Hotton had excessively traded multiple customer accounts. Oppenheimer has paid more than $6 million to resolve customer arbitration claims related to its supervision of Hotton. Additionally, FINRA had previously ordered Oppenheimer to pay $1.25 million in restitution to 22 additional customers who suffered losses but had not filed arbitration claims. In today's action, FINRA is ordering Oppenheimer to provide the seven claimants with copies of the respective documents that were not produced, and payments totaling more than $700,000. FINRA also found that Oppenheimer failed to reasonably supervise the application of sales charge waivers to eligible mutual fund sales. The firm relied on its financial advisors to determine the applicability of sales charge waivers, but failed to maintain adequate written policies or procedures to assist financial advisors in making this determination. As a result of this action, Oppenheimer has paid eligible customers $1.14 million in remediation to customers who qualified for, but did not receive, applicable mutual fund sales charge waivers. In settling this matter, Oppenheimer neither admitted nor denied the charges, but consented to the entry of FINRA's findings.

Elio Motors Engages Oppenheimer & Company and Northland Capital Markets for Investment Banking Services

Elio Motors Inc. planning to launch a three-wheel vehicle that will get up to 84 mpg with a set base price of $7,300, disclosed on October 26, 2016 that it engaged Oppenheimer & Co. Inc. and Northland Capital Markets for investment banking services, including strategic advisory, financing and capital markets strategies.

Oppenheimer & Co. Inc. Announces Executive Changes

Oppenheimer & Co. Inc. announced the retirement of Senior Vice President Tom Fritzlen after more than three decades at the firm and the appointment of Jim Lowe as Fritzlen's successor. In addition to these changes, Mark Trafford and Todd Wiggins have been named branch managers of Oppenheimer's Seattle and Atlanta branches, respectively. Jim Lowe, who will assume Fritzlen's responsibilities as part of the senior management team for Oppenheimer's private client division, has held executive positions at multiple wealth management firms. Most recently, Lowe served as a branch manager at Oppenheimer's lower Manhattan branch, all while managing a successful investment advisory practice. He was also an executive director for Josephthal & Co. Inc., where he oversaw operations at 14 branch offices. As branch managers, Mark Trafford and Todd Wiggins will be responsible for recruiting talent, helping manage day-to-day operations and providing guidance for financial advisers. Trafford, who will lead the Seattle branch, started his career at Dain Bosworth and moved to Morgan Stanley in 1999. In 2012, Trafford joined Wells Fargo, where he managed the Kirkland/Issaquah complex before moving to the Seattle branch of Wells Fargo Advisors. Trafford is both a registered investment adviser with the Securities and Exchange Commission and registered financial adviser with FINRA. Wiggins brings more than 23 years of experience to the Atlanta branch. He is a registered investment adviser with the Securities and Exchange Commission and registered financial adviser with FINRA. Prior to joining Oppenheimer, Wiggins held leadership positions at several prestigious financial services firms, including Morgan Stanley, Smith Barney, Marquis Investments and, most recently, UBS Financial Services.

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