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Ex-Oppenheimer Exec Barred from Securities Industry

Jan 27, 2014
Jing Chen

A former portfolio manager at brokerage firm Oppenheimer & Co. has agreed to be barred from the securities industry for making misrepresentations about the valuation of a fund consisting of other private equity funds.

The Securities and Exchange Commission announced in a statement released last week that Brian Williamson has also agreed to pay a $100,000 penalty for the same offense. The agency filed administrative proceedings against Williamson last August based on allegations that he disseminated information falsely claiming that the reported value of the fund’s largest investment came from the portfolio manager of the underlying fund.

Williamson also made false and misleading statements to investor consultants and others in an effort to cover up his fraud.

Oppenheimer agreed to pay $2.8 million last year in a settlement of related charges.

 

Sources:

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