Oppenheimer & Co. Inc has agreed to pay a fine of $250,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).

From at least January 2006 to the present, Oppenheimer sent an estimated 167,000 account statements to more than 800 customers that misidentified collateralized mortgage obligations (CMOs) issued by private·entities (private label CMOs) as government agency bonds or corporate bonds.

By making misleading statements in communications with customers, the firm violated NASO Rules 221 0(d)(l) and 2110 and FINRA Rules 2210(d)(l) and 2010.

The firm also violated NASO Rules 3110 and 2110 and FINRA Rules 4511 and 2010 by maintaining inaccurate customer account statements.

During the same period, Oppenheimer failed to reasonably supervise the content of account statements that it sent to customers, in violation of NASO Rules 30 IO and 2110 and FINRA Rules 3110 and 2010.

The firm has agreed to a censure and an undertaking on top of the fine of $250,000.

Oppenheimer has been a FINRA member since 1945. The firm is a full-service broker-dealer that is headquartered in New York, New York. Oppenheimer has approximately 190 branch offices and over 1,900 registered representatives.