NEW YORK–(Business WIRE)–Zamansky LLC announces that it is investigating Oppenheimer & Co. Inc. (OPY) on behalf of brokerage clients who were investors in the alleged Horizon Private Equity III Ponzi plan. The legislation business is investigating specific FINRA promises for Oppenheimer prospects to recover losses experienced as the final result of a failure to supervise, aiding and abetting, “selling away” and other wrongful acts.
On August 25, 2012, the Securities and Trade Commission submitted a grievance versus Horizon Personal Equity III and its founder John Wooden, earlier a financial advisor used by Oppenheimer, alleging that they engaged in a Ponzi plan involving $110 million lifted from 400 investors. The SEC alleged that John Wooden orchestrated a fraud by elevating revenue from mostly elderly retirees, proclaiming that they would get a set charge of return and return of principal. Regretably, the SEC alleges that Horizon hardly ever made a respectable expenditure and that the cash raised was utilized to spend earlier investors, until eventually the fund ran out of cash.
According to Jake Zamansky, investment decision fraud lawyer, Oppenheimer brokerage customers may well have individual FINRA claims for losses suffered in the Horizon Ponzi plan. As a broker-supplier, Oppenheimer was accountable for supervising John Wooden even though he earlier labored there to avoid his “selling away” of unauthorized investments. Oppenheimer brokerage clients might have claims for failure to supervise, aiding and abetting, “selling away” and other wrongful conduct, Zamansky states.
If you ended up an Oppenheimer brokerage purchaser who invested in the Horizon Private Fairness III Fund, remember to make contact with us to evaluate or talk about your authorized legal rights. You might, without the need of obligation or value to you, electronic mail [email protected] or simply call the legislation business at (212) 742-1414.
About Zamansky LLC
Zamansky LLC is a major financial investment fraud legislation firm with working experience handling securities, hedge fund, ERISA and other shareholder course motion and derivative litigation. We are financial investment fraud attorneys who symbolize the two personal and institutional traders. Our practice is nationally identified for our ability to aggressively prosecute situations and get well expense losses.
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