Two SEC Commissioners Dissent, Challenge Oppenheimer "Bad Actor" Waiver

The Securities and Exchange Commission (SEC) has voted to give Oppenheimer & Company a break from further enforcement action after a “bad actor” ban was triggered and then subsequently waived by an SEC commissioner’s vote. Two of five SEC commissioners, however, are speaking out against the waiver for what they see as repeated offenses, placing law and order credentials of SEC Chairwoman Mary Jo White, a Democrat and former prosecutor, into question, according to a New York Times report from Ben Protess. White cast the deciding vote with two Republican commissioners in favor of Oppenheimer. What message is sent to deter…