Oppenheimer Funds Probed by 5 States for Losses in 529 Plans

Oppenheimer's use of bond funds isn't sitting well with regulators in 5 states. That's because Oppenheimer purchased mortgage-backed securities, and according to the regulators, didn't tell investors they were doing that.

One fund lost 71% in the fourth quarter alone. That flies in the face of representations that the funds were conservative. The average bond fund lost only 8% in 2008. Overall, the average Oppenheimer fund lost 29% according to published reports.

SNSFE continues to investigate fund mismanagement at Oppenheimer. Those with losses or with information should feel free to contact SNSFE attorneys.