September 7, 2022
On September 6, 2022, a FINRA arbitration panel announced a historic $36.7 million award against New York- based Oppenheimer & Company. “Unsurprising” commented John Chapman, one of the attorneys who represented the claimants in the case against Oppenheimer. “Oppenheimer had eight years to stop its predatory brokers from launching their Horizon Private Equity scheme.
Instead of shutting them down, it chose to enable their illicit activities. Our clients – many of whom are seniors and decorated U.S. Air Force veterans – have paid a heavy price for Oppenheimer’s decision. This case is a posterchild for punitive damages and assessing ‘Racketeer Influenced and Corrupt Organization’ or ‘RICO’ damages. The arbitrators understood the importance of fully compensating Oppenheimer’s victims and of addressing its shocking misconduct. Unlike Oppenheimer, the arbitrators did what they needed to do to protect the investing public and the integrity of the markets.”