Commonwealth fines Oppenheimer $1 million
Secretary of the Commonwealth William F. Galvin fined New York City-based Oppenheimer and Co. Inc. $1 million for theft, churning and unauthorized trading today.
The company was fined on behalf of one of its agents, Stephen J. Toussaint, who was charged last August with fraud and excessive and unauthorized trading in the accounts of William and Doris Pietra of Fall River, the secretary's office said. Oppenheimer was charged with failure to supervise Toussaint.
In addition to the $1 million fine, the national investment boutique was also ordered to return $135,000 in losses from the unlawful conduct to the widowed Doris Pietra, whose husband died in 2005.
"Returning funds to aggrieved investors was a top priority in bringing this action for unlawful conduct against the broker-dealer, which has a significant presence in the Commonwealth," said Secretary Galvin. "These agreements send a clear message that companies and their management will be held responsible for making false statements to this office's securities regulators."
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