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SEC wins $10-million (U.S.) order against Oppenheimer

2015-01-27 19:57 ET - Street Wire

Also Street Wire (U-*SEC) U S Securities and Exchange Commission

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by Mike Caswell

The U.S. Securities and Exchange Commission has won $10-million in sanctions against New York brokerage Oppenheimer & Co. for facilitating suspicious transactions originating at an offshore firm, Gibraltar Global Securities Inc. (All figures are in U.S. dollars.) The SEC claims that Oppenheimer allowed Gibraltar to deposit large numbers of shares in thinly traded issuers while ignoring indications of market manipulations and other illegal activity. Oppenheimer then allowed Gibraltar to sell $14.2-million worth of shares in 92 different penny stocks, the SEC says.

Oppenheimer's fine comes almost two years after the SEC filed civil charges against Gibraltar and a group of Canadians for a boiler room operation based in Calgary and in the Vancouver suburb of White Rock. The SEC claimed that the group promoted two pink sheets companies with bogus claims about infomercials and solar power. The stocks both went to over $1, and the group sold at least $11-million worth of stock, according to the SEC. Gibraltar facilitated the selling, allowing the Canadian promoters to open accounts in the names of fake nominees, the SEC said. The regulator has not made any specific links between Oppenheimer and the Canadian group.

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