Oppenheimer Hit with $36M Arbitration Award
Attempt to Have It Set Aside Fails
June 2023 – Atlanta, GA
In September 2022 a FINRA arbitration panel awarded $36 million to eight investors who were sold a private equity fund by former Oppenheimer broker John Woods. The Securities & Exchange Commission charged Woods with running a $110 million Ponzi scheme from 2003-2016.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Oppenheimer filed a motion in October 2022 in Superior Court of Dekalb county, attempting to set aside the award, claiming arbitrator bias, failure to postpone the arbitration hearing and manifest disregard for the law. The Georgia Superior Court judge denied Oppenheimer’s request and orally ruled to confirm the award.
In June 2023 the Investment News reported that the parties agreed to vacate the $36 million award ‘prior to the Court’s entry of its written judgement”. It appears that the victims were nevertheless compensated since Oppenheimer’s 2022 annual report reveals that over $48 million was paid to settle cases related to Woods Ponzi scheme,
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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