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Recent Posts in Unit Investment Trusts Category

Richard Hughes Suspended for Coaxing Elderly Client to Lie About Excessive Commissions for Unsuitable UIT and Mutual Fund Recommendations

FINRA fined and suspended former Wells Fargo Advisors Financial Networks broker Richard Stephen Hughes for instructing an elderly client to lie about the commissions charged in short-term trading unit ...
Continue reading "Richard Hughes Suspended for Coaxing Elderly Client to Lie About Excessive Commissions for Unsuitable UIT and Mutual Fund Recommendations" »

StockCross Financial Services, LA Broker Peter Cunningham Accused of Fraudulent, Unethical UIT Trading Practices

Founded in Boston and now based in Beverly Hills, California, StockCross Financial Services and its Los Angeles-based broker Peter Edward Cunningham stand accused of causing losses in customer ...
Continue reading "StockCross Financial Services, LA Broker Peter Cunningham Accused of Fraudulent, Unethical UIT Trading Practices" »

National Planning Corp, Investment Centers of America, SII Investments and IFC Holdings Fined $1.7 Million, Ordered to Pay $6 Million in Restitution for Variable Annuity Sales Misconduct

FINRA fined four firms—National Planning Corporation, Investment Centers of America, SII Investments, and IFC Holdings aka INVEST Financial Corporation—a total of $1.7 million and ordered ...
Continue reading "National Planning Corp, Investment Centers of America, SII Investments and IFC Holdings Fined $1.7 Million, Ordered to Pay $6 Million in Restitution for Variable Annuity Sales Misconduct" »

FINRA's 2018 Priorities Include Suitability, Cryptocurrency, High-Risk Brokers & Firms, Microcap/Penny Stocks, and Margin

FINRA released its annual regulatory and examination priorities letter for 2018, highlighting several points of emphasis for the regulator in the new year. Key in this list are sales practice concerns ...
Continue reading "FINRA's 2018 Priorities Include Suitability, Cryptocurrency, High-Risk Brokers & Firms, Microcap/Penny Stocks, and Margin" »

NEXT Financial to Pay $750,000 in Latest Disciplinary Action Concerning Habitual Deficiencies and Systematic VA Failures

FINRA fined NEXT Financial Group, Inc. $750,000 for inadequate oversight and supervisory deficiencies related to excessive trading detection, failure to perform reviews, and additional compliance ...
Continue reading "NEXT Financial to Pay $750,000 in Latest Disciplinary Action Concerning Habitual Deficiencies and Systematic VA Failures" »

Morgan Stanley Ordered to Pay Over $13 Million for Unit Investment Trust (UIT) Supervisory Failures

FINRA sanctioned Morgan Stanley Smith Barney and ordered the firm to pay over $13 million—$3.25 million in fines and an additional $9.78 million in restitution to over 3,000 customers—for ...
Continue reading "Morgan Stanley Ordered to Pay Over $13 Million for Unit Investment Trust (UIT) Supervisory Failures" »

With 33rd Disclosure Since 2002, Broker Tiffany Ann De Ruosi (Rigali), Criminal Record in Hand, is Suspended

FINRA fined and suspended former Centaurus Financial, Inc. and Brookstreet Securities Corporation (both Newport Beach, CA) broker Tiffany Ann De Ruosi (aka Tiffany DeRuosi, who has since married and ...
Continue reading "With 33rd Disclosure Since 2002, Broker Tiffany Ann De Ruosi (Rigali), Criminal Record in Hand, is Suspended" »

FINRA Sanctions Elaine LaCerte for Unsuitable UIT Sales, Causing Unnecessary Sales Charges

Former Morgan Stanley broker Elaine Diones LaCerte (Helzer) of Colorado Springs, CO received a fine and suspension into 2018 for engaging in an "unsuitable pattern" of short-term trading of ...
Continue reading "FINRA Sanctions Elaine LaCerte for Unsuitable UIT Sales, Causing Unnecessary Sales Charges" »

FSC Securities Corporation Fined for Non-Traditional ETF Failures, Unsuitable Recommendations

FINRA fined FSC Securities Corporation $100,000 and ordered nearly $500,000 in restitution after finding that FSC failed to establish and maintain adequate supervisory systems regarding its ...
Continue reading "FSC Securities Corporation Fined for Non-Traditional ETF Failures, Unsuitable Recommendations" »

FINRA Bars Kim Dee Isaacson for Defrauding Elderly Customer

FINRA permanently barred Kim Dee Isaacson (Morgan Stanley of Salt Lake City and Ameriprise Financial of Midvale, Utah) from the securities industry after finding that Isaacson engaged in fraudulent ...
Continue reading "FINRA Bars Kim Dee Isaacson for Defrauding Elderly Customer" »

FINRA Files OHO Complaint Against Berthel Fisher, Jeffrey Dragon over UIT Sales Practices

FINRA filed a complaint against Berthel, Fisher & Co. Financial Services, Inc., and former broker Jeffrey Paul Dragon over unit investment trust (UIT) sales to elderly and unsophisticated ...
Continue reading "FINRA Files OHO Complaint Against Berthel Fisher, Jeffrey Dragon over UIT Sales Practices" »

CUSO Financial Services to Pay $172.5k in Fines and Restitution for Mathew Hartshorn's Unsuitable UIT Sales

FINRA fined CUSO Financial Services and ordered restitution for 76 unsuitable unit investment trust (UIT) transactions totaling $4.6 million that regulators say resulted in losses sustained by ...
Continue reading "CUSO Financial Services to Pay $172.5k in Fines and Restitution for Mathew Hartshorn's Unsuitable UIT Sales" »

Ex-LPL Broker Mark Tauzin Suspended, Ordered to Pay $225,000 for Unsuitable UIT Short-Term Trading

FINRA suspended former LPL Financial broker Mark Tauzin and ordered him to pay $225,000 in fines and disgorged commissions to 14 clients as a result of unsuitable short-term unit investment trust ...
Continue reading "Ex-LPL Broker Mark Tauzin Suspended, Ordered to Pay $225,000 for Unsuitable UIT Short-Term Trading" »

Cetera Financial Group's Investors Capital Corp to Pay $1.1 Million Over Unit Investment Trust, Steepener Note Sales

FINRA fined Investors Capital Corporation and ordered restitution for a total penalty of $1.1 million ($250,000 fine and $841,532.97 in restitution payable to 472 customer accounts) after finding that ...
Continue reading "Cetera Financial Group's Investors Capital Corp to Pay $1.1 Million Over Unit Investment Trust, Steepener Note Sales" »

David Miller Barred, Ordered to Pay $800k in Restitution for Unsuitable UIT Recommendations

FINRA barred former Huntington Investment Company broker David Michael Miller and ordered he pay $800,000 in disgorgment and restitution to customers, alleging that he recommended unsuitable Unit ...
Continue reading "David Miller Barred, Ordered to Pay $800k in Restitution for Unsuitable UIT Recommendations" »

Coburn & Meredith Fined $75k, Ordered to Pay $203k in Restitution for Failing to Apply UIT Sales Charge Discounts

FINRA censured and fined Coburn & Meredith, Inc. $75,000 for failing to apply sales charge discounts to eligible customer purchases of unit investment trusts ("UITs") from 2009-2014. ...
Continue reading "Coburn & Meredith Fined $75k, Ordered to Pay $203k in Restitution for Failing to Apply UIT Sales Charge Discounts" »

Next Financial Group, Key Investment Services & Stephens, Inc. to Pay $1.2 Million in Fines and Restitution for Discount Failures

FINRA sanctioned three broker-dealers for failing to apply sales charge discounts for eligible volume purchases of unit investment trusts (UITs), doling out fines and orders of restitution totaling ...
Continue reading "Next Financial Group, Key Investment Services & Stephens, Inc. to Pay $1.2 Million in Fines and Restitution for Discount Failures" »

Concentration Risk: The Implications of Putting All Your Eggs in One Basket

Concentration risk occurs when a large portion of a portfolio's holdings is in a particular investment relative to the overall portfolio. This can be caused or perpetuated through: >> ...
Continue reading "Concentration Risk: The Implications of Putting All Your Eggs in One Basket" »

Dangerous Words: SEC Cautions Firms to Stop Using "Protected," "Guaranteed" in Fund Names

The SEC acknowledged concern about fund names, releasing a guidance update advising investment companies, firms, and issuers against using misleading terminology when naming mutual funds, namely and ...
Continue reading "Dangerous Words: SEC Cautions Firms to Stop Using "Protected," "Guaranteed" in Fund Names" »
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