Oppenheimer’s Sirianni Suspended for Muni-Bond Price Gouging
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David Sirianni, Oppenheimer Holdings Inc.’s head municipal bond trader, was fined $100,000 and suspended for 60 days by the Financial Industry Regulatory Authority for overcharging customers.
Sirianni marked up bonds as much as 16 percent from July 2008 through June 2009, Finra said today in a statement. New York-based Oppenheimer also was ordered to pay a $675,000 fine and $246,000 in restitution. The brokerage and the trader settled the case without admitting to the allegations, Wall Street’s self-regulator said in the statement.