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[WASHINGTON] Oppenheimer & Co will pay US$20 million to settle two US government cases stemming from allegations the firm improperly sold penny stocks and ignored red flags.
The Securities and Exchange Commission said Oppenheimer will pay US$10 million to settle the case with the agency, plus another US$10 million to settle parallel charges with the Treasury Department's Financial Crimes Enforcement Network.
As part of the settlement, the SEC said Oppenheimer is admitting to wrongdoing and will be required to hire an independent consultant to review its policies over a five-year period.