Violation Tracker Individual Record

Company: 
OppenheimerFunds Distributor, Inc.
Current Parent Company: 
Invesco
Penalty: 
$669,500
Year: 
2007
Date: 
February 27, 2007
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Violation Description: 

OppenheimerFunds agreed to pay $394,500 in restitution, a $100,000 fine, and $175,000 in costs in settlement of allegations it operated bulk exchanges of mutual funds with select companies that it failed to disclose in documents, had insufficient records and monitoring, and resulting in dilution of mutual fund returns.

Level of Government: 
state
Action Type: 
agency action
Agency: 
Washington State Department of Financial Institutions
Civil or Criminal Case: 
civil
Facility State: 
Washington
HQ Country of Parent: 
USA
HQ State of Parent: 
Georgia
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
investment management
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.