OPPENHEIMER & CO. INC.

Permitted to Resign

MS. CHEN WAS BARRED BY FINRA ON 2/12/16 FOR CONVERSION OF FIRM FUNDS, FALSIFICATION OF FIRM RECORDS AND CAUSING MORGAN STANLEY'S BOOKS AND RECORDS TO BE INACCURATE.

FINRA

CHEN WAS NAMED A RESPONDENT IN A FINRA COMPLAINT ALLEGING THAT SHE SUBMITTED FALSE EXPENSE REPORTS AND RECEIVED PAYMENTS FUNDED BY HER MEMBER FIRM TO WHICH SHE WAS NOT ENTITLED, THEREBY CONVERTING $1,600 FROM THE FIRM. THE COMPLAINT ALLEGES THAT CHEN PREPARED OR CAUSED TO BE PREPARED 12 EXPENSE REIMBURSEMENT REQUESTS FALSELY REPRESENTING THAT SHE HAD SPENT $38,538.52 TO PURCHASE CLIENTS GIFTS, WHEN IN FACT SHE HAD NOT. CHEN'S PREPARATION OF FALSE EXPENSE REPORTS THAT SHE SUBMITTED TO THE FIRM CONSTITUTED FALSIFICATION OF RECORDS. CHEN'S SUBMISSION OF FALSE EXPENSE REPORTS ALSO CAUSED THE FIRM TO MAINTAIN INACCURATE BOOKS AND RECORDS.

Decision

Bar (Permanent)

All Capacities

Indefinite

3/31/2016

Monetary Penalty other than Fines

$8,238.65

Extended hearing panel decision rendered February 12, 2016. The sanctions were based on findings that Chen converted $1,600 her member firm paid to her as a result of false expense reports she submitted seeking reimbursement for expenses she did not incur. The findings stated that Chen also caused the firm to maintain inaccurate books and records by submitting false expense reports. The decision became final March 31, 2016.

ILLINOIS

RESPONDENT CHEN WAS DISCHARGED BY HER EMPLOYER MORGAN STANLEY FOR ALLEGEDLY REQUESTING AND RECEIVING REIMBURSEMENT FROM THE FIRM FOR EXPENSES DESCRIBED AS CLIENT GIFTS, WHEN THE GIFTS WERE CANCELLED BY THE REPRESENTATIVE

MORGAN STANLEY SMITH BARNEY, LLC

Discharged

ALLEGATIONS THAT THE REPRESENTATIVE REQUESTED AND RECEIVED REIMBURSEMENT FROM THE FIRM FOR EXPENSES DESCRIBED AS CLIENT GIFTS, WHEN THE ORDERS FOR THE GIFTS WERE CANCELLED BY THE REPRESENTATIVE.

CUSTOMER ALLEGES EXCESSIVE COMMISSIONS IN CONNECTION WITH UNAUTHORIZED TRADES.

$8,000.00

WE WROTE THE CUSTOMER ON JANUARY 14, 2003 THAT WE DO NOT BELIEVE THERE IS ANY MERIT TO THE ALLEGATIONS. WE HAVE NOT HEARD BACK FROM THE CUSTOMER.