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The Company is also involved, from time to time, in other reviews, investigations and proceedings (both formal and informal) by governmental and self-regulatory agencies regarding the Company's business, which may result in expenses, adverse judgments, settlements, fines, penalties, injunctions or other relief.
−Removed: The investigations include inquiries from the SEC, FINRA and various state regulators.
+Added: The investigations include inquiries from the SEC, FINRA and other regulators.
The Company accrues for estimated loss contingencies related to legal and regulatory matters within Other Expenses in the consolidated income statement when available information indicates that it is probable a liability had been incurred and the Company can reasonably estimate the amount of that loss.
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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 forty-seven arbitrations, many containing multiple claimants, each filed before FINRA, relating to those claimants’ purported investment in Horizon Private Equity, III, LLC (“Horizon”).
+Added: On November 18, 2022, Oppenheimer received an information request from the SEC requesting information related to the use of text messaging and similar forms of electronic communications by employees of Oppenheimer and whether those communications were properly retained by Oppenheimer as part of its records preservation requirements relating to the broker-dealer business activities of Oppenheimer.
+Added: Subsequently, Oppenheimer received a similar information request from the Commodity Futures Trading Commission (“CFTC”).
+Added: On January 4, 2024, Oppenheimer submitted an Offer of Settlement to the SEC.
+Added: On February 9, 2024, the SEC issued an order (the “Order”) pursuant to which Oppenheimer agreed to pay a fine in the amount of $12 million and agree to certain undertakings.
+Added: In addition to the Order, Oppenheimer received a waiver of certain statutory disqualifications from the SEC.
+Added: On February 7, 2024, Oppenheimer submitted an Offer of Settlement to the CFTC.
+Added: On March 19, 2024, the CFTC issued an order pursuant to which Oppenheimer agreed to pay a fine of $1 million and agree to certain undertakings.
+Added: Beginning on or about August 31, 2021, Oppenheimer was named as a respondent in forty-eight 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 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
+Added: 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: Oppenheimer has settled, or settled in principle, or an award has been rendered in thirty-six of the Horizon-related arbitrations, with approximately one hundred eighteen individual complainants.
−Removed: The aggregate payments for those thirty-six arbitrations total approximately $82.4 million.
−Removed: The eleven arbitrations still pending claim specific monetary damages and allege losses of
−Removed: approximately $1.1 million in the aggregate while a few others claim unspecified damages.
−Removed: Oppenheimer believes these claims to be without merit and intends to defend itself vigorously against these claims.
+Added: Oppenheimer has settled, or settled in principle, or an award has been rendered in forty-five of the Horizon-related arbitrations, with approximately one hundred fifty-five individual complainants.
+Added: The aggregate payments for those forty-five arbitrations total approximately $92.0 million.
+Added: The three arbitrations still pending claim specific monetary damages and allege losses of approximately $4.0 million in the aggregate.
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
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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.
−Removed: 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.
−Removed: On September 5, 2023, Oppenheimer filed a motion to dismiss the complaint, which is pending before the court.
−Removed: That same day, Oppenheimer also filed a motion to transfer the case to the Metro Atlanta Business Case Division, which motion was granted on September 25, 2023.
−Removed: Oppenheimer believes these claims to be without merit and intends to defend itself vigorously against these claims.
−Removed: 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: Plaintiffs further allege that Oppenheimer, through its inaction and/or misconduct, is responsible for their alleged losses and are seeking unspecified damages alleging in violations of the Georgia RICO statute and negligence per se.
+Added: The case was subsequently transferred to the Metro Atlanta Business Case Division.
+Added: On September 5, 2023, Oppenheimer filed a motion to dismiss the complaint.
+Added: On April 17, 2024 the court issued an order granting plaintiffs John and Tera Sargent’s voluntary dismissal of their claims without prejudice.
+Added: On April 22, 2024, the court granted Oppenheimer’s motion to dismiss and terminated the case.
+Added: Also, on July 17, 2023, Oppenheimer was served with a complaint in an action entitled Mark Del Pico, et al v.
Oppenheimer & Co.
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All of the plaintiffs allege that they invested in Horizon years after John Woods left Oppenheimer’s employ in 2016.
−Removed: 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.
−Removed: On August 28, 2023, Oppenheimer filed a motion to dismiss the complaint, which is pending before the court.
−Removed: Oppenheimer believes these claims to be without merit and intends to defend itself vigorously against these claims.
−Removed: Finally, on August 25, 2023, Oppenheimer was served with a complaint in an action entitled Lisa Wright, Billy Ray Boaz, Sylvia Boyles, Donald and Gina Bryant, Alton Graviette, Gilbert and Felicia Hawks, Michael and Brenda Craig, Barbara and Russell Danley, Carolyn and Ronald Edwards, Pamela Goins, Amy Gordon, Susan Gregory, Timothy Hall, Ronald Jones, Douglas Lineberry, Marcia Martin, Bobby and Jo Simpson, Karen Stephens, Caroline Moser, Rebecca Tapp, Paul Vaughan, Brenda and Varner Vogler, and Peggie Thomas v.
+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 alleging in negligence per se , aiding and abetting breach of fiduciary duty, and aiding and abetting fraud.
+Added: On August 28, 2023, Oppenheimer filed a motion to dismiss the complaint.
+Added: Rather than respond to Oppenheimer’s motion to dismiss, on January 12, 2024, plaintiffs filed an amended complaint that includes an additional claim of fraud against Oppenheimer.
+Added: On February 2, 2024, Oppenheimer filed a motion to dismiss the amended complaint.
+Added: Rather than respond to Oppenheimer’s motion to dismiss the amended complaint, Plaintiffs voluntarily dismissed their amended complaint without prejudice on April 12, 2024.
+Added: Finally, on August 25, 2023, Oppenheimer was served with a complaint in an action entitled Lisa Wright, Billy Ray Boaz, et al v.
Oppenheimer & Co.
2 unchanged sentences
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.
−Removed: 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.
−Removed: On September 15, 2023, Oppenheimer filed a motion to transfer the case to the Metro Atlanta Business Case Division, which motion was granted on September 25, 2023.
−Removed: Oppenheimer believes these claims to be without merit and intends to defend itself vigorously against these claims.
+Added: Plaintiffs further allege that Oppenheimer, through its inaction and/or misconduct, is responsible for their alleged losses and are seeking unspecified damages alleging in violations of the Georgia RICO statute and negligence per se.
+Added: On September 15, 2023, Oppenheimer filed a motion to transfer the case to the Metro Atlanta Business Case Division, which motion was granted.
+Added: On October 31, 2023, Oppenheimer filed a motion to dismiss the complaint.
+Added: On April 22, 2024, the court granted Oppenheimer’s motion to dismiss and terminated the case.
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.
−Removed: The SEC asked the Court to enter an order enjoining Oppenheimer from violating the above-referenced rules and requiring it to disgorge approximately $1.9 million plus interest.
−Removed: The Company believes such claim to be without merit and intends to vigorously defend itself against such claim.
−Removed: During the three months ended September 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.
+Added: The SEC asked the Court to enter an order enjoining Oppenheimer from violating the above-referenced rules and requiring it to disgorge approximately $1.9 million plus interest and pay a civil penalty.
+Added: On January 30, 2024 Oppenheimer and the SEC reached an agreement in principle to settle the litigation pursuant to which Oppenheimer would pay a civil penalty of $1.2 million.
+Added: The settlement is subject to Oppenheimer obtaining a waiver of certain statutory disqualifications.
+Added: During the three months ended March 31, 2024, there were no material changes to the information contained in Part I, Item 1A of the Company's Quarterly Report on Form 10-K for the year ended December 31, 2023.
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.