The National Association of Securities Delears announced today that it has charged Oppenheimer & Co. and the firm’s CEO, Albert Lowenthal, with knowingly submitting inaccurate and incomplete data in response to its request that the firm perform a self-assessment of its mutual fund breakpoint discount practices.

This is the second time in eight months that the NASD has charged the firm with failing to produce documents and information. The first complaint, issued in May 2005, involved an investigation of municipal bond transaction reporting violations. The allegations have not been proven.

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, and payment of restitution.

“All regulated firms have a fundamental obligation to cooperate with NASD requests for information by providing complete, accurate and responsive data in a timely manner,” said Barry Goldsmith, NASD executive vice president and head of enforcement. “The ability of NASD and other securities regulators to protect investors and police the markets depends upon compliance with that obligation.”

The complaint has its origins in a 2003 report jointly issued by the NASD and other securities regulators that showed that nearly one in three mutual fund transactions in front-end load mutual funds that appeared eligible for a breakpoint discount did not receive one. As a result of those findings, NASD required approximately 2,000 broker-dealers that sold front-end load mutual funds during 2001-2002 to conduct a self-assessment of their compliance with breakpoint discount requirements and report the results. As a result of the breakpoint sweep and ensuing NASD enforcement actions, more than $130 million has been returned to investors who did not receive appropriate breakpoint discounts, the regulator reports.

In another matter involving Oppenheimer, NASD announced today that it censured and fined the firm $250,000 for at least 230 late disclosures of reportable information about its brokers, including customer complaints, regulatory actions and investigations, and terminations.