OppenheimerFunds, Custodian Sued for Account Takeover

A former OppenheimerFunds IRA account holder sued the since-absorbed company, as well as custodian Pensco, for failing to stop a fraudster from stealing nearly $200,000 from his account, court documents show.

OppenheimerFunds allegedly gave the thief clearance to transfer assets after he posed as account holder Michael Eckenwiler, even though he used an incorrect middle name, a fake driver’s license and a forged signature, according to a complaint filed in Virginia circuit court.

OppenheimerFunds, Custodian Sued for Account Takeover