Massachusetts Secretary of the Commonwealth William Galvin yesterday filed an administrative complaint against Oppenheimer & Co. and its senior officials, charging they misled investors about auction-rate securities and unloaded their personal holdings while continuing to push them to investors.

In the complaint, which was filed with the enforcement section of his office’s securities division, Galvin asked the state to revoke the broker-dealer license of Oppenheimer CEO and chairman Albert “Bud” Lowenthal and require the firm to both buy back ARS at par and make full restitution to investors who suffered losses from having to sell the securities below par. He also asked that Lowenthal, Robert Lowenthal, senior managing director for taxable fixed income trading, and Greg White, the managing director of the firm’s ARS department, be fined and subject to other possible sanctions.

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