(Reuters) – U.S. securities regulators charged a former private equity fund manager at Oppenheimer Holdings Inc’s Oppenheimer & Co on Tuesday with misleading investors about the valuation and performance of some funds.
The Securities and Exchange Commission claimed that Brian Williamson, 42, disseminated quarterly reports and marketing materials that essentially overstated the value of Oppenheimer’s fund holdings and performance figures.
The company earlier this year agreed to settle related charges with the SEC and pay $2.8 million. Williamson, however, is fighting the charges. Absent a settlement in the future, the case will go before an SEC administrative law judge.