WASHINGTON (AP) — The Financial Industry Regulatory Authority said Monday that it has fined Oppenheimer & Co. $1.4 million for selling unregistered penny stock shares and failing to have an adequate compliance program to detect and report suspicious penny-stock transactions.

The industry watchdog said that from 2008 to 2010, Oppenheimer sold more than a billion shares of 20 penny stocks without registrations. Penny stocks are a term for low-priced and highly speculative securities.

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