GO
Loading...

Oppenheimer Pays $2.8 Million to Settle 'Misleading' Charges

Getty Images

Two investment units at Oppenheimer will pay more than $2.8 million to settle charges that they misled investors about the performance and policies of a private equity fund they manage, the U.S. Securities and Exchange Commission said on Monday.

The agency said Oppenheimer Asset Management and Oppenheimer Alternative Investment Management sent out misleading quarterly reports and marketing material that claimed the fund's holdings were valued "based on the underlying managers' estimated values."

The SEC alleged the portfolio manager valued the fund's biggest investment at a significant markup from the underlying managers' estimated value.

Oppenheimer settled the matter with the SEC without admitting or denying the allegations. The SEC said the office of the Massachusetts attorney general filed a related action on Monday and levied an additional penalty of $132,421.

Banks

  • Russia's central bank said it would will provide a mid-sized bank to with up to 30 billion rubles to stop it going bankrupt.

  • 'Market Meltdown' is a board-game with a financial twist; giving players a chance to experience their own financial crisis. Will Sorrell, founder of Clarendon Games and creator of 'Market Meltdown', discusses the game's appeal.

  • Workers check the valves at the Taq Taq oil field in Arbil, Iraq, in this Aug. 16, 2014 photo.

    Less cash flow from oil firms may pinch loan payments to banks but gas savings for consumers will create new business.