Oppenheimer & Co and its chief executive Albert Lowenthal have been charged by the NASD, the US securities regulator, with "knowingly submitting inaccurate and incomplete data" in a review of how mutual funds award breakpoint discounts.

After a March 2003 report from NASD and other securities regulators showed that nearly one in three transactions in certain mutual funds apparently did not get proper breakpoint discounts, or reduced fees on large transactions, Oppenheimer was one of about 2,000 broker-dealers required by the NASD to conduct self-assessments of their breakpoint discount practices.