Oppenheimer warns ex-manager over records
Oppenheimer & Co. warned its former Boston office manager and his lawyer in an e-mail not to give documents relating to the Wall Street brokerage to federal regulators. If they did, a lawyer for the firm wrote, “You do so at your peril.’’
The e-mail threat is the latest salvo in a bitter fight between James Dever and his former employer over the confidentiality of records in his legal ordeal with Oppenheimer. Dever says he needs the records to clear his name and alleges they show wrongdoing at the firm.
In all, four lawyers, including Oppenheimer’s deputy general counsel, weighed in last Friday to say Dever should not give the documents to the Securities and Exchange Commission.
“We object to Mr. Dever turning any information over to the SEC that may be subject to Oppenheimer’s confidentiality rights,’’ wrote Timothy Mungovan, a partner at the Boston office of Nixon Peabody who is representing Oppenheimer, according to copies of the e-mails obtained by the Globe.
Another lawyer for Oppenheimer, Michael J. McAllister in New York, wrote, “neither you nor your client have permission to do as you suggest. You do so at your peril.’’
The lawyers appeared to be relying on a Suffolk Superior Court judge’s ruling in Boston last week that is keeping a large number of Oppenheimer records impounded, at the firm’s request, in the Dever matter.
Under that ruling, Dever may not share those records with the public until a third- party “special master’’ has determined which ones contain customer information or proprietary material, as Oppenheimer has claimed.
Dever has said he is not interested in customer records. He is interested in documents he says will show he was not at fault in a matter involving a broker who defrauded clients.
Specifically, Dever planned to give the SEC a 2004 audit report and Oppenheimer’s July 2006 response to a subpoena from the Massachusetts Securities Division, according to an e-mail from Dever’s lawyer, Angela Magary, to Oppenheimer’s attorneys.
Securities law specialists said new federal whistle-blower rules would probably protect Dever if he turns over the documents. They also said a judge would be unlikely to try to prevent him from giving documents to a regulator, assuming there was a public interest involved.
Michael A. Collora, a securities lawyer in Boston, said, “Normally, records at a regulated company are not confidential with respect to the SEC.’’ If a potential case were brought to the regulator’s attention, he said, “they may issue a subpoena for records, which is not public but would let the SEC review them.’’
Yesterday, a spokesman for Oppenheimer said the firm “believes the court is entitled to complete its review of the matter.’’
The statement also said Oppenheimer “has separately discussed the issues raised by Mr. Dever with the SEC.’’ The firm did not elaborate on its talks with the SEC.
Meanwhile, in the latest blow to Dever’s case, his lawyer has filed a motion to withdraw from the case, according to both Dever and Oppenheimer. Magary declined to comment.
Beth Healy can be reached at bhealy@globe.com. 
