FINRA announced yesterday that it fined Oppenheimer one million dollars for producing "flawed, incomplete and untimely data" in connection with the mutual fund breakpoint self-assessment a few years ago. According to the press release, "FINRA found that on two occasions, June 11, 2003, and Nov. 20, 2003, Oppenheimer submitted inaccurate and incomplete data in response to NASD's request to perform a self-assessment of its mutual fund breakpoint discount practices. The firm knowingly, or at a minimum recklessly, submitted flawed data to NASD, failed to notify NASD that the data was flawed, failed to follow up to correct the firm's data and failed to timely submit accurate data to NASD."
In addition to the million dollar fine, Oppenheimer will have to retain an independent consultant to review certain of its procedures for dealing with regulatory requests, and to conduct internal audits covering regulatory responses and provide reports of its findings to FINRA for six quarters.
I think you can recognize the lessons to be learned here.
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