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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160609006108/en/
Contacts:
Lawrence Klayman, Esq., 888-997-9956
or
Raymond
Gentile, Esq., 888-997-9956
www.nasd-law.com
