Oppenheimer ordered to pay $1M by CFTC over records lapses

The Commodity Futures Trading Commission issued two orders simultaneously filing and settling charges against U.S. Bank, a swap dealer, and against Oppenheimer, an introducing broker, for failing to maintain and preserve records that were required to be kept under CFTC recordkeeping requirements and failing to supervise matters related to their businesses as CFTC registrants. The orders require U.S. Bank to pay a $6M civil monetary penalty and Oppenheimer to pay a $1M civil monetary penalty.