FINRA Fines Oppenheimer $3.75M For Failure To Supervise
March 27, 2015
FINRA has ordered Oppenheimer & Co (now part of CIBC World Markets) to pay $3.75 million for failing to supervise, Mark Hotton, a broker who defrauded clients and the producers of a Broadway musical. FINRA noted that Oppenheimer failed to investigate Mark Hotton before hiring him, and overlooked “red flags” after they hired him. FINRA also says that while working at Oppenheimer, Hotton transferred $2.9 million out of client accounts and sent the money to entities he owned.
If you have been victimized by Mark Hotton or any other Oppenheimer brokers, please contact the Towson Investment Fraud Recovery Law Firm of West & West.