The NASD announced Thursday that it has charged Oppenheimer & Co. Inc. with wonky trade reporting and failing to cooperate in an NASD investigation, among other things.

Oppenheimer, formerly known as Fahnestock & Co. Inc., was also charged with violating the rules by failing to report some bona fide municipal bond transactions, reporting others that were never effected, and reporting thousands of other trades late and inaccurately, and failing to retain business-related email. None of these allegations has been proven.

NASD charged Oppenheimer with multiple violations of its obligation to report municipal securities transactions. It found that between January 2003 and May 2004, Oppenheimer failed to report more than 6,100 municipal bond transactions with other dealers on a timely basis – and in many cases, the reports were inaccurate when they were finally made. Oppenheimer also inaccurately reported the price, time and other required details of hundreds of municipal bond transactions with retail customers in May and June 2003.

In addition, Oppenheimer is charged with reporting more than 1,300 retail municipal bond transactions that were never effected, and failing to report over 700 completed transactions with retail customers.

NASD has also charged Oppenheimer with violating its obligation to cooperate with an NASD investigation, and that it failed to retain emails.

Under NASD rules, a firm or individual named in a complaint can file a response and request a hearing before an NASD disciplinary panel. Possible remedies include a fine, censure, suspension, or bar from the securities industry, disgorgement of gains associated with the violations, and payment of restitution.

“Oppenheimer’s failure to fully and accurately report municipal bond transactions deprived the investing public and market participants of critical information,” said NASD vice chairman Mary Schapiro. “And all firms have a fundamental obligation to cooperate fully with NASD in its investigations.”