FORTUNE -- We're written a lot over the past couple of years about how a private equity unit of Oppenheimer & Co. once inflated the valuation of one of its investments, in order to help market a new fund. The SEC later charged Oppenheimer with misleading investors, and the firm agreed to pay a penalty, return money to investors and be censured. Also charged by the SEC was group head Brian Williamson, who is fighting the allegations.
When Williamson was charged back in August, I publicly wondered why Oppenheimer was continuing to let him manage firm assets via a third-party platform Williamson formed after spinning out of Oppenheimer. Oppenheimer said it was reviewing the complaint and allegations, but never issued a follow-up.
Now Fortune has obtained an investor letter that contains three new pieces of information:
In short, Oppenheimer just can't quit this guy.
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Oppenheimer retains ties with controversial private equity executive.
FORTUNE -- More than a year ago, we reported on how a private equity unit of Oppenheimer & Co. had inflated the valuation of one of its investments, in order to help market a new fund. The SEC later charged Oppenheimer with misleading investors, and the firm agreed to pay a penalty, return money to investors and be censured.
What it didn't do, however, was cut MOREDan Primack - Aug 21, 2013 11:26 AM ET
SEC busts Oppenheimer for inflating investment valuations.
FORTUNE -- The Securities & Exchange Commission today charged two units of Oppenheimer & Co. with misleading investors as to the value of its private equity investments.
The SEC also announced that Oppenheimer has agreed to a censure, and that it will pay a $617,579 penalty and return approximately $2.27 million in capital commitments to those who invested in the relevant private equity fund during the MOREDan Primack - Mar 11, 2013 12:44 PM ET
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