Oppenheimer& Co. Inc. has agreed to settle allegations of violations ofMichigan's Uniform Securities Actrelated to the company's failure to register investment adviser representativesin the state.

An investigation conducted by the Michigan Department ofLicensing and Regulatory Affairs'Corporations, Securities & Commercial Licensing Bureau revealed thatOppenheimer and 40 of its investment adviser representatives had failed tocomply with registration requirements from 2009 until 2015/2016.

In relation to the settlement, Oppenheimer is required topay $900,000 in fines. The company is also obligated to properly register allits investment adviser representatives and to notify affected clients in thestate.