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Accordingly, the Company's estimate will change from time to time, and actual losses may be more than the current estimate.
−Removed: Beginning on or about August 31, 2021, Oppenheimer was named as a respondent in thirty-nine arbitrations, many containing multiple claimants, each filed before FINRA, relating to those claimants’ purported investment in Horizon Private Equity, III, LLC (“Horizon”).
+Added: Beginning on or about August 31, 2021, Oppenheimer was named as a respondent in forty-five arbitrations, many containing multiple claimants, each filed before FINRA, relating to those claimants’ purported investment in Horizon Private Equity, III, LLC (“Horizon”).
Horizon is alleged to be a fraudulent scheme involving, among others, a former Oppenheimer employee John Woods.
−Removed: John Woods left Oppenheimer’s employ in 2016 and Oppenheimer never received a complaint or question from any of the investors prior to the Securities and Exchange Commission (“SEC”) bringing a complaint against Woods and his co-conspirators in 2021.
+Added: John Woods left Oppenheimer’s employ in 2016 and Oppenheimer never received a complaint or question from any of the investors prior to the SEC bringing a complaint against Woods and his co-conspirators in 2021.
Each investor, who was an Oppenheimer client, signed a document acknowledging that Horizon was not an approved Oppenheimer product.
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Claimants do not allege Oppenheimer received any of the funds invested in Horizon, but rather that Oppenheimer’s purported failure to properly supervise its employees allowed the alleged scheme to occur and continue.
−Removed: The twenty-two arbitrations still pending claim specific monetary damages and allege losses of approximately $24 million in the aggregate while a few others claim unspecified damages.
+Added: The fourteen arbitrations still pending that claim specific monetary damages and allege losses of approximately $13.9 million in the aggregate while a few others claim unspecified damages.
Oppenheimer believes these claims to be without merit and intends to defend itself vigorously against these claims.
−Removed: As previously reported Oppenheimer’s motion to vacate the arbitration award in Donald Robinson, Timothy and Sharon Padden, Rhett Rainey, Kelly A.
−Removed: Rainey Trust, Toucan Holdings LP, Robert Goodman, Robert Daniel Burgner, Individually and as Trustee of the Burgner Family Charitable Remainder Trust, Douglas Kasemeier, Wesley Callaway, and Billy Loveless v.
+Added: Oppenheimer has settled, or settled in principle, or an award has been rendered in thirty-one of the Horizon-related arbitrations, with approximately one hundred eight individual complainants.
+Added: The aggregate payments for those thirty-one arbitrations total approximately $78.5 million.
+Added: On June 16, 2023, Oppenheimer was served with a complaint in an action entitled John and Cynthia Kearney, John & Tera Sargent, Mike Hall, Individually and as Assignee of 6694 Dawson Blvd, LLC, Thomas and Beverly Crampton, Roy and Shirley
+Added: Hill, Billy and Debra Lanter, Larry Lawson, Eugene Lyle, Scott Spence, and Dolores Willoughby v.
Oppenheimer & Co.
−Removed: (the “Robinson Arbitration”) was denied on January 30, 2023.
−Removed: However, on March 27, 2023, the court entered a consent judgment vacating the award in the Robinson Arbitration pursuant to the parties’ request in connection with their settlement of the matter.
−Removed: Oppenheimer has settled, or settled in principle or an award has been rendered in seventeen of the Horizon related arbitrations, including the Robinson Arbitration,with approximately fifty-seven individual complainants.
−Removed: The aggregate settlement payments for those total approximately $58 million.
−Removed: On June 30, 2022, the Company received a "Wells Notice" from the SEC requesting that Oppenheimer make a written submission to the SEC to explain why Oppenheimer should not be charged with violations of Section 15c2-12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 15c2-12 thereunder as well as Municipal Securities Rulemaking Board Rules G-17 and G-27 in relation to its sales of municipal notes pursuant to an exemption from continuing disclosure contained in Rule 15c2-12.
+Added: Inc., Anne Greene and Gordon Morse, filed in Georgia State Court, Fulton County.
+Added: Plaintiffs allege that they were all investors in Horizon.
+Added: However, all of the Plaintiffs allege that they invested in Horizon after John Woods left Oppenheimer’s employ in 2016 and virtually all of the plaintiffs were not Oppenheimer customers.
+Added: Plaintiffs further allege that Oppenheimer, through its inaction and/or misconduct, is responsible for their alleged losses and are seeking unspecified damages sounding in violations of the Georgia RICO statute and negligence per se.
+Added: Oppenheimer believes these claims to be without merit and intends to defend itself vigorously against these claims.
+Added: Also, on July 17, 2023, Oppenheimer was served with a complaint in an action entitled Mark Del Pico, Elizabeth Del Pico and Surrey Lane Partners GP LLC, as general Partner of Surrey Lane Partners, Ltd.
+Added: Oppenheimer & Co.
+Added: Inc., and Michael Mooney , filed in Florida State Court, Sarasota County.
+Added: Plaintiffs allege that they were all investors in Horizon;
+Added: however, none of the Plaintiffs were Oppenheimer customers.
+Added: All of the Plaintiffs allege that they invested in Horizon years after John Woods left Oppenheimer’s employ in 2016.
+Added: Plaintiffs further allege that Oppenheimer, through its inaction and/or misconduct, is responsible for their alleged losses and are seeking unspecified damages from Oppenheimer sounding in negligence per se , aiding and abetting breach of fiduciary duty, and aiding and abetting fraud.
+Added: On June 30, 2022, the Company received a "Wells Notice" from the SEC requesting that Oppenheimer make a written submission to the SEC to explain why Oppenheimer should not be charged with violations of Section 15c2-12 of the Exchange Act, and Rule 15c2-12 thereunder as well as Municipal Securities Rulemaking Board Rules G-17 and G-27 in relation to its sales of municipal notes pursuant to an exemption from continuing disclosure contained in Rule 15c2-12.
On September 13, 2022, the SEC filed a complaint against Oppenheimer in the United States District Court for the Southern District of New York (the “Court") alleging that Oppenheimer violated Section 15B(c)(1) of the Exchange Act and Rule 15c2-12 thereunder as well as Municipal Securities Rulemaking Board Rules G-17 and G-27 for not having fully complied with the exemption from the continuing disclosure obligations under Rule 15c2-12.
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The Company believes such claim to be without merit and intends to vigorously defend itself against such claim.
+Added: During the three months ended June 30, 2023, there were no material changes to the information contained in Part I, Item 1A of the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 and Annual Report on Form 10-K for the year ended December 31, 2022.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.