Excessive Trading

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Oppenheimer Order by FINRA to Pay $3.8 Million to Customers for "Potentially Excessive Sales Charges"

The Financial Industry Regulatory Authority (FINRA) has ordered Oppenheimer & Co. Inc. to pay more than $3.8 million in restitution to customers who incurred “potentially excessive sales charges” caused by early rollovers of unit investment trusts (UITs). The securities regulator also fined the firm $800,000 for failing to reasonably supervise the early UIT rollovers.

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