FINRA Fines Oppenheimer for Failure to Supervise


FINRA has ordered Oppenheimer to pay a total of $3.75 million for failing to supervise former broker, Mark Hotton.

Oppenheimer was fined $2.5 million by FINRA and ordered for pay $1.25 million in client restitution.

FINRA charges Oppenheimer with failing to complete a proper background check on Hotton, which could have exposed red flags. Hotton was banned from the industry in August 2013. He stole money from customers, which according to FINRA, could have been prevented with proper supervision from Oppenheimer.

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