The White Law Group continues to investigate Oppenheimer Global Resource Private Equity Fund. Specifically, the liability broker dealers may have for investment losses.
According to Investment News, the fund manager, Brian Williamson, has been barred from the industry and fined $100,000 for overstating the value of one of the funds holdings. Williamson reported that the fund’s internal rate of return was 12.4%, when in actuality it was as low as -6.3%.
According to the Securities and Exchange Commission (SEC), in the quarter ending in June 2009, Williamson’s markups falsely increased the funds rate of return form approximately 3.8% to 38.38%. During that time, Williamson modified the marketing material and marketed the fund using materials that did not take into account certain fees and expenses. Oppenheimer agreed to pay $2.8 million to settle similar charges with the SEC earlier this year.
Broker-dealers have a fiduciary duty to perform adequate due diligence to determine that investment recommendations have a reasonable likelihood of success, and that they are suitable for each individual investors. Securities laws and regulations require broker’s to make suitable investment recommendations that are appropriate given the investor’s age, investment experience, net worth, investment objectives, risk tolerance and other important factors.
To the extent that some brokerage firms failed to perform the necessary due diligence and/or made unsuitable investment recommendations, such firms may be liable for investment losses through arbitration claim with the Financial Industry Regulatory Authority (FINRA). FINRA is a self- regulatory agency dedicated to investor protection that oversees broker dealers and
To determine if you can file a FINRA arbitration claim to recover investment losses incurred as a result of your purchase of Oppenheimer Global Resource Private Equity Fund, please contact The White Law Group at 312-238-9650 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.