SEC v. Oppenheimer & Co. Inc., No. LR-26435, Southern District of New York (Dec. 12, 2025) — Press Release
raw: Oppenheimer & Co., Inc.
Oppenheimer & Co., Inc., No. LR-26435 (S.D.N.Y. Dec. 12, 2025)
summary
Oppenheimer & Co. Inc. obtained a final consent judgment to resolve SEC allegations of failing to comply with municipal bond disclosure requirements, resulting in a $1.2 million penalty.
paragraph
Oppenheimer & Co. Inc. faced SEC charges for failing to satisfy requirements for the 'limited offering exemption' during hundreds of municipal bond offerings from 2017 to 2022. The firm also allegedly made deceptive statements to issuers and lacked adequate compliance policies. To resolve the matter, Oppenheimer agreed to a $1.2 million civil penalty and a permanent injunction against future violations.
narrative
The SEC obtained a final consent judgment against Oppenheimer & Co. Inc. regarding failures to comply with municipal bond offering disclosure requirements. Between June 2017 and April 2022, the firm sold securities in hundreds of offerings under a 'limited offering exemption' without meeting necessary conditions. Additionally, Oppenheimer allegedly made deceptive statements to issuers and lacked sufficient policies to ensure regulatory compliance. Without admitting or denying the allegations, the firm consented to a permanent injunction against violating the Securities Exchange Act and MSRB rules. The final judgment requires Oppenheimer to pay a $1.2 million civil penalty. The enforcement action was conducted with assistance from the Municipal Securities Rulemaking Board.
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Parties
Securities and Exchange CommissionOppenheimer & Co. Inc.
Keywords
oppenheimersecuritiesmunicipalsecurities exchangefinal consentlimited offeringoffering exemptionincsecexemptionexchangefinalofferingmunicipal bondoppenheimer sold
Exhibits & Attached Documents (1)
Extracted insights
Dollar amounts 1
- $1.20M $1.2 million $1M–$10M
Entities 4
- company $1.2 million from oppenheimer & co. inc.
- company Oppenheimer & Co. Inc.
- agency Securities and Exchange Commission
- court u.s. district court for the southern district of new york
Triples 7
- U.S. Securities And Exchange Commission obtained final consent judgment Oppenheimer & Co. Inc. regarding alleged failure to comply with municipal bond offering disclosure requirements
- Oppenheimer & Co. Inc. sold municipal bonds in purported reliance on the limited offering exemption from June 2017 to April 2022
- Oppenheimer & Co. Inc. made deceptive statements to issuers by representing that it would and did comply with exemption requirements
- Oppenheimer & Co. Inc. lacked policies and procedures reasonably designed to ensure compliance with the limited offering exemption as underwriter
- Oppenheimer & Co. Inc. consented to final judgment permanently enjoining it from violating Rule 15c2-12, MSRB Rules G-17 and G-27, and Exchange Act Section 15B(c)1
- U.S. District Court for the Southern District of New York entered final consent judgment against Oppenheimer & Co. Inc. on December 10, 2025
- Securities And Exchange Commission ordered civil penalty $1.2 million from Oppenheimer & Co. Inc.
PDF (from attached: complaint)
Text layers
Extracted body text (2,040c)
U.S. SECURITIES AND EXCHANGE COMMISSIONLitigation Release No. 26435 / December 12, 2025Securities and Exchange Commission v. Oppenheimer & Co. Inc., No. 22-cv-07801 (S.D.N.Y. filed Sept. 13, 2022)SEC Obtains Final Consent Judgment as to Oppenheimer & Co. Inc. Regarding Alleged Failure to Comply with Municipal Bond Offering Disclosure RequirementsOn December 10, 2025, the U.S. District Court for the Southern District of New York entered a final consent judgment in the SEC’s civil enforcement action against New York-based Oppenheimer & Co. Inc..According to the SEC’s complaint, from June 2017 to April 2022, Oppenheimer sold the relevant municipal bonds in purported reliance on the “limited offering exemption,” which, upon satisfying specific requirements, exempts certain municipal securities offerings from the general requirement of providing disclosures to investors. The complaint alleged that Oppenheimer sold securities in hundreds of municipal offerings in purported reliance on the limited offering exemption when it had not satisfied the exemption requirements. The complaint also alleged that Oppenheimer made deceptive statements to issuers by representing that it would and did comply with the exemption requirements, and that Oppenheimer lacked policies and procedures reasonably designed to ensure that it complied with the limited offering exemption when acting as underwriter in these municipal bond offerings.Without admitting or denying the SEC’s allegations, Oppenheimer consented to the entry of a final judgment permanently enjoining it from violating Rule 15c2-12 of the Securities Exchange Act of 1934, Municipal Securities Rulemaking Board (MSRB) Rules G-17 and G-27, and Exchange Act Section 15B(c)1. The final consent judgment also orders Oppenheimer to pay a $1.2 million civil penalty.The investigation was conducted by Laura Cunningham and supervised by Ivonia Slade and Rebecca Olsen. The litigation was led by Devon Staren and supervised by David Nasse. The SEC appreciates the assistance of the MSRB.
OCR text (2,040c · html-text · 99% conf)
U.S. SECURITIES AND EXCHANGE COMMISSIONLitigation Release No. 26435 / December 12, 2025Securities and Exchange Commission v. Oppenheimer & Co. Inc., No. 22-cv-07801 (S.D.N.Y. filed Sept. 13, 2022)SEC Obtains Final Consent Judgment as to Oppenheimer & Co. Inc. Regarding Alleged Failure to Comply with Municipal Bond Offering Disclosure RequirementsOn December 10, 2025, the U.S. District Court for the Southern District of New York entered a final consent judgment in the SEC’s civil enforcement action against New York-based Oppenheimer & Co. Inc..According to the SEC’s complaint, from June 2017 to April 2022, Oppenheimer sold the relevant municipal bonds in purported reliance on the “limited offering exemption,” which, upon satisfying specific requirements, exempts certain municipal securities offerings from the general requirement of providing disclosures to investors. The complaint alleged that Oppenheimer sold securities in hundreds of municipal offerings in purported reliance on the limited offering exemption when it had not satisfied the exemption requirements. The complaint also alleged that Oppenheimer made deceptive statements to issuers by representing that it would and did comply with the exemption requirements, and that Oppenheimer lacked policies and procedures reasonably designed to ensure that it complied with the limited offering exemption when acting as underwriter in these municipal bond offerings.Without admitting or denying the SEC’s allegations, Oppenheimer consented to the entry of a final judgment permanently enjoining it from violating Rule 15c2-12 of the Securities Exchange Act of 1934, Municipal Securities Rulemaking Board (MSRB) Rules G-17 and G-27, and Exchange Act Section 15B(c)1. The final consent judgment also orders Oppenheimer to pay a $1.2 million civil penalty.The investigation was conducted by Laura Cunningham and supervised by Ivonia Slade and Rebecca Olsen. The litigation was led by Devon Staren and supervised by David Nasse. The SEC appreciates the assistance of the MSRB.