People should always remember that they have to face not only their actions but also the consequences of their actions. The question is: Are they ready to face those consequences?
Well, as for these three former Oppenheimer & Co employees, they would be paying civil fines and have already agreed to take securities industry restrictions to settle U.S. Securities and Exchange Commission charges stemming from the unregistered sales of billions of shares of penny stocks.
According to the SEC, the former employees agreed to pay $20 million to the commission and the Treasury Department’s Financial Crimes Enforcement Network to settle the charges connected to the sales, and to the purported defects in its anti-money laundering program.
Reportedly, Robert Okin, a former head of Oppenheimer’s Private Client Division, decided to pay a $125,000 fine and accept a one-year ban from supervisory roles in the securities industry. Aside from him, Arthur Lewis, a former branch manager and supervisor; and Scott A. Eisler, a former registered representative at Oppenheimer’s branch in Boca Raton, were also sanctioned.
Eisler paid $50,000 penalty and and he would be banned from joining any penny stock sales or even working in the securities industry for one year, while Lewis agreed to pay the $50,000 fine and be barred from working in a supervisory capacity in the securities industry for one year.
However, the above-mentioned names just agreed to the settlements without even conceding or contradicting the commission’s conclusions. Now that SEC has discovered the substantial red flags and violation of the federal securities laws concerning the former Oppenheimer & Co workers, they can’t really deny the allegations.
But wait, where’s the true admission of that money laundering program? The people are eager to know the real story behind those allegations and payments. They have already agreed paying the fines, so what’s keeping them from admitting it?
The SEC has spoken – they’re involved with the laundering act, so why couldn’t they accept their wrongdoings? I think it’s due time to face the consequences of their actions, admit their mistakes and learn from them.