Oppenheimer Hit with $668,816 Auction Rate Securities (ARS) Award

A Financial Industry Regulatory Authority (FINRA) arbitration panel in Los Angeles ordered Oppenheimer to pay $668,816, in a auction rate securities (ARS) case. The claimants had claimed that the ARS were marketed and sold to them as being as safe as cash and highly liquid so that they would always have access to their money. This was obviously not the case. When the market froze in February 2008, investors were denied access to their funds. The award called for Oppenheimer to rescind the sale of $650,000 worth of the ARPS and repurchase them from the claimants. It also ordered them to pay $18,441 for expert witness fees, $375 for the non-refundable portion of the filing fee and $18,000 in forum fees for the arbitration. (FINRA #09-01568; Jordan H. Moffet and Margot A. Trombley, Individually and as Trustees of the Moffet Family Trust v. Oppenheimer & Company, Inc.)

If you have suffered losses in auction rate securities (ARS), please contact our securities law firm for a confidential, no obligation consultation at 1-800-259-9010.

Contact Us
Free Consultation: (800) 259-9010