The three settling firms agreed to settle the charges, cease and desist from future violations of those provisions, be censured and pay the following monetary relief:
• BNY will pay $656,833.56 in disgorgement plus prejudgment interest and a $300,000 penalty.
• TD will pay $52,955.92 in disgorgement plus prejudgment interest and a $100,000 penalty.
• Jefferies will pay $43,215.22 in disgorgement plus prejudgment interest and a $100,000 penalty.
The SEC’s complaint against Oppenheimer, filed in U.S. District Court in Manhattan, charged the firm with disclosure violations in connection with at least 354 offerings.
The complaint also alleges that Oppenheimer made deceptive statements to issuers in violation of MSRB Rule G-17, which prohibits deceptive, dishonest, or unfair practices. The complaint seeks permanent injunctions, disgorgement plus prejudgment interest, and a civil money penalty.
“As a result of its findings in these investigations, the SEC staff has begun investigations of other firms’ reliance on the limited offering exemption. Firms that believe their practices do not comply with the securities laws are encouraged to contact the SEC at [email protected],” the agency said.