NASD said Monday that it had charged Oppenheimer & Co. and its chief executive officer, Albert Lowenthal, with knowingly submitting inaccurate and incomplete data in response to the industry self-regulating body's request in 2003 that the company assess its own mutual fund breakpoint discount practices.
Separately, NASD fined Oppenheimer $250,000 and censured it for at least 230 late disclosures of reportable information about its brokers, including customer complaints, regulatory actions and investigations, and terminations. The company, in settling the matter, neither admitted nor denied the charges but consented to the entry of NASD's findings.
The charges Monday were the second instance in eight months in which NASD alleged failures by Oppenheimer to produce requested documents and information. The first complaint, in May, involved an investigation of municipal bond transaction reporting. Oppenheimer did not return a call seeking comment on the charges.
NASD said its investigations and enforcement actions have caused more than $130 million to be returned to investors who had not gotten appropriate breakpoint discounts.
