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Rating:NASD Warns BD Over Breakpoints Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, August 10, 2005

NASD Warns BD Over Breakpoints

by: Theresa Sim

Albert Lowenthal, chairman of Oppenheimer Holdings, may face action from the NASD related to the company's violations related to an industry-wide breakpoint survey that was conducted in 2003, the brokerage disclosed in an SEC filing on Tuesday.

The NASD claims that Lowenthal "failed to properly oversee a response to an industry-wide NASD mutual fund breakpoint survey conducted in 2003 or that he permitted the filing of incorrect data in that response," according to the filing.

The issue seems to be whether the data Oppenheimer filed in response to the industry-wide probe was deficient. According to Oppenheimer, the company notified regulators that it had "certain limitations" in its ability to get the data requested by the NASD, but was not given any extensions in time to file appropriate data.

Two days after Oppenheimer submitted data, the NASD told the firm that its "submission was deficient," wrote officials in the filing.

After the study, Oppenheimer also conducted its own breakpoint analysis for fund trades from 2000 to the present and has begun refunding affected clients.

Oppenheimer is cooperating, but contesting the charges against Lowenthal, wrote officials in the filing.  

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