Oppenheimer and Co. Fined $800,000 by NASD
Heightened regulatory review of NASD member firms continues. Earlier this week Oppenheimer and Co. was fined $800,000 for failing to respond to regulatory requests for information and failing to report timely and accurately thousands of municipal securities transactions. The NASD also cited Oppenheimer for failing to retain business-related internal e-mails for 20 employees who traded municipal securities and whose e-mails were necessary to an NASD investigation into the firm's trade reporting deficiencies.
The full text of the NASD release can be found online.
Of note, as requests for firm e-mail communications has become a standard practice during regulatory investigations, member firms should take care to ensure retention policies and procedures are in place should the need arise to produce these materials.
