Oppenheimer & Co. charged in connection with alleged bilking of Fall River couple

A well known investment banking firm is being charged in connection with the alleged bilking of $350,000 from the accounts of an elderly Fall River couple.

Oppenheimer & Co. Inc. was charged today by Commonwealth Secretary William F. Galvin in the case, which also includes fraud charges against an Oppenheimer broker, Stephen J. Toussaint. Toussaint, according to Galvin's office, stole $350,000 from the account of William and Doris Pitera, even as William Pitera became ill and eventually succumbed. The broker, Galvin charges, deposited the money in his own bank account.

The Piteras had an account with Oppenheimer once valued at as much as $2.9 million, and while Doris Pitera told her broker she did not want the securities bought with their money actively traded, Toussaint allegedly made frequent trades on the account, racking up hundreds of thousands in commissions for his firm. He is also accused of forging 19 checks from the account. Oppenheimer is accused of lax oversight of its employee.
(By Keith Reed, Globe staff)