News

U.S. regulators fined Oppenheimer & Co. $20 million Tuesday for failing to aptly secure itself against money launderers-the third such monetary penalty paid by the firm since 2005. The New York-based broker-dealer failed to implement sufficient Bank Secrecy Act policies and internal controls to identify suspicious activity, according to the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN), which assessed a $10 million fine against the firm in conjunction with an equal penalty assessed by the Securities and Exchange Commission. Oppenheimer, which admitted to the misconduct, did not identify at least 16 clients linked to questionable trades of penny stocks...