The Securities Arbitration Law Firm of Klayman & Toskes¸ P.A. Commences an Investigation into Oppenheimer’s Sales Practice...
June 09 2016 - 12:22PM
Business Wire
The Securities Arbitration Law Firm of Klayman & Toskes,
P.A. (“K&T”), www.nasd-law.com, announced today that it has
commenced a comprehensive investigation into Oppenheimer’s
(NYSE:OPY) sales practices regarding inverse and inverse-leveraged
ETFs that were unsuitable for clients in light of the $3 million
fine levied against Oppenheimer by FINRA.
According to securities attorney Lawrence Klayman, “the scope of
our investigation is related to leveraged, inverse and
inverse-leveraged ETFs which Oppenheimer sold to clients despite
investment objectives and risk tolerances that should have
prohibited such investments from being made." Additionally, Mr.
Klayman explains, “Oppenheimer lacked the requisite supervision to
safeguard unsophisticated, risk averse investors from buying these
risky ETFs.”
K&T is investigating Oppenheimer’s conduct with respect to
unsuitable recommendations, misrepresentations and omissions, and
failure to supervise. The investigation is focused on the adequacy
of Oppenheimer’s supervisory system for the non-traditional ETFs
and the manner in which Oppenheimer’s representatives solicited
investors to purchase these unsuitable investments.
The sole purpose of this release is to investigate the sales
practices of Oppenheimer in connection with the sale of
non-traditional ETFs to their customers. Current and former
customers of Oppenheimer who purchased non-traditional ETFs that
have information relating to the manner in which the firm
represented these products, are encouraged to contact Lawrence
Klayman, Esq. or Raymond Gentile, Esq. of Klayman & Toskes at
(888) 997-9956, or visit our website at www.nasd-law.com.
About Klayman & Toskes, P.A.
K&T is a leading national securities law firm which
practices exclusively in the field of securities arbitration and
litigation, on behalf of retail and institutional investors
throughout the world in large and complex securities matters. The
firm represents high net-worth, ultra-high-net-worth, and
institutional investors, such as non-profit organizations, unions,
public and multi-employer pension funds. K&T has office
locations in California, Florida, New York and Puerto Rico.
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http://nasd-law.com/the-securities-arbitration-law-firm-of-klayman-toskes%C2%B8-p-a-commences-an-investigation-into-oppenheimers-sales-practices-regarding-inverse-and-inverse-leveraged-etfs-in-light-of-the-2/
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version on businesswire.com: http://www.businesswire.com/news/home/20160609006108/en/
Klayman & Toskes, P.A.Lawrence Klayman, Esq.,
888-997-9956orRaymond Gentile, Esq.,
888-997-9956www.nasd-law.com
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