Unit Investment Trusts

Archive | Unit Investment Trusts

Investors Sue Wells Fargo For Mutual Fund Fraud

Harold Weber of Airmont New York a stockbroker formerly employed by Wells Fargo Advisors LLC is referenced in a customer initiated investment related arbitration claim which was settled for $50,000.00 in damages based upon allegations that between December of 2012 and June of 2016: (1) transactions were executed in the customer’s account that were not […]

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Hennion Walsh Fined For Failure To Supervise UITs

Hennion Walsh Inc. a broker dealer headquartered in Parsippany New Jersey has been censured and fined $165,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that (1) Hennion Walsh’s registered representatives made unsuitable investment recommendations concerning the switching of unit investment trusts in customers’ accounts and (2) Hennion Walsh neglected […]

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Merrill Lynch Sued By Investors For Failure To Supervise

Michael C. Rodriguez of Dallas Texas a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Incorporated has been named in a customer initiated investment related arbitration claim which settled for $475,000.00 in damages based upon accusations that Merrill Lynch or Rodriguez failed to supervise unit investment trust transactions that were placed in the customer’s […]

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Investors Chase Wells Fargo For Structured Product Misdeeds

November 30, 2018  |   Posted by :   |   Stockbroker Fraud News, Structured Notes, Unit Investment Trusts   |   0 Comments

Douglas Hammond Freebern of Bartow Florida a stockbroker currently registered with Wells Fargo Clearing Services LLC is referenced in a customer initiated investment related written complaint which was settled on September 14, 2017 to resolve accusations that Freebern placed the customer in a structured product without the customers consent. Financial Industry Regulatory Authority (FINRA) Public […]

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Investors Accuse Wells Fargo Of Unit Investment Trust Fraud

Eric Grant Demarcus of Sunnyvale California a stockbroker formerly registered with Wells Fargo Advisors LLC is the subject of a customer initiated investment related written complaint on July 17, 2015 where the customer sought damages estimated to exceed $5,000.00 based upon allegations that unit investment trust transactions executed in the customer’s account were not suitable […]

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Wells Fargo Pays In Unit Investment Trust Scheme

November 23, 2018  |   Posted by :   |   Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

Robert Frank Pondt of Woodland Hills California a stockbroker formerly employed by Wells Fargo Advisors LLC is the subject of a customer initiated investment related written complaint which settled for $22,000.00 on July 5, 2017 supported by accusations that the customer was provided misleading information about unit investment trust products by being told that the […]

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Investors Sue Oppenheimer’s Best For The Worse Trading

David Warg Best of Bethlehem Pennsylvania a stockbroker formerly employed by Oppenheimer & Co. Inc. is referenced in a customer initiated investment related complaint on August 18, 2017 where the customer sought $1,000,000.00 in damages supported by accusations that (1) unsuitable closed-end fund and stock transactions had been executed in the customer’s investment account (2) […]

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Wells Fargo Accused Of Structured Products Fraud

Jeffrey John Di Bono of San Jose California a stockbroker currently registered with Wells Fargo Clearing Services LLC is the subject of a customer initiated investment related written complaint on May 11, 2017 in which the customer sought $8,500.00 in damages based upon accusations that Di Bono did not receive investment returns that were promised […]

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Ripper Barred In UIT Investigation

Michael Jason Ripper of Memphis Tennessee a stockbroker formerly registered with LPL Financial LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by allegations that he neglected to furnish information to FINRA when FINRA formally requested him to do so. Case No. 2015048052801 (May 9, 2017). […]

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Morgan Stanley Sued By Investors For Excessive Trading

Frank Fornshell Venable III of Knoxville Tennessee a stockbroker currently registered with Morgan Stanley is referenced in a customer initiated investment related arbitration claim in which the customer requested unspecified damages supported by accusations of excessive trading of the customer’s investments including (a) structured products (b) unit investment trusts and (c) mutual funds. Financial Industry […]

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FINRA Fines Maxim Group Broker For Misconduct

Eric Howard Kunis of Woodbury New York a stockbroker formerly registered with Maxim Group LLC has been fined $2,500.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Kunis executed unsuitable trading in eleven Maxim Group LLC customer accounts. Letter of Acceptance […]

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Maxim Group Censured For Failure To Supervise UIT Sales

Maxim Group LLC a brokerage firm headquartered in New York New York has been censured and fined $65,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to supervise its stockbrokers’ recommendations of unit investment trusts to ensure that they were not unsuitable for customers. Letter of Acceptance […]

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Janney Montgomery Accused Of Providing Bad Investment Advice

Michael Harry Applebaum of Marlton New Jersey a stockbroker currently employed by Janney Montgomery Scott LLC is referenced in a customer initiated investment related written complaint on July 30, 2018 in which the customer sought $15,000.00 in damages supported by accusations that the customer’s risk tolerance was not considered when Applebaum made over-the-counter equities recommendations […]

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David A Noyes Blamed For Bad Investments

September 12, 2018  |   Posted by :   |   Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

Edward George Murphy of Chicago Illinois a stockbroker currently registered with David A. Noyes Company is referenced in a customer initiated investment related written complaint on October 11, 2017 where the customer sought damages estimated to exceed $5,000.00 based upon accusations that unsuitable unit investment trust trades were placed in the customer’s account. Financial Industry […]

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Investors Sue Morgan Stanley For Bad UIT Investments

Jonathan William Lonske of Boston Massachusetts a stockbroker currently registered with Morgan Stanley is referenced in a customer initiated investment related written complaint on October 3, 2017 where the customer requested unspecified damages supported by allegations that between 2009 and 2016, Lonske executed unsuitable closed-end funds, structured products and unit investment trust transactions in the […]

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Morgan Stanley Sued by Investors For Bad Investments

Jeffrey David Wiseman of Oxnard California a stockbroker formerly employed by Morgan Stanley is referenced in a customer initiated investment related arbitration claim in which the customer requested unspecified damages founded on allegations that unsuitable municipal debt and unit investment trust transactions were executed in the customer’s account. Financial Industry Regulatory Authority (FINRA) Arbitration No. […]

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Massachusetts Residents Defrauded In UIT Scheme

An Enforcement Action was commenced against StockCross Financial Services, Inc. and one of its registered representatives, Peter Edward Cunningham by The Commonwealth of Massachusetts, Office of the Secretary of the Commonwealth, Securities Division for fraud in connection with the sale of securities and the violation of the Massachusetts Uniform Securities. StockCross is a registered securities […]

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SII Investments Sanctioned For Failure To Supervise

SII Investments Inc. a broker-dealer headquartered in Appleton Wisconsin has been censured and fined $325,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that the firm (1) failed to supervise its registered representatives’ variable annuity recommendations to customers and (2) failed to supervise its unit investment trust business to ensure […]

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Raymond James Stockbroker Fired For UIT Misconduct

July 16, 2018  |   Posted by :   |   Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

Robert Bartlett Roach III of Little Rock Arkansas a stockbroker formerly employed by Raymond James Financial Services Inc. and advisor with Raymond James Financial Services Advisors Inc. has been discharged by the firm on May 7, 2018 supported by allegations that Roach effected unit investment trust and syndicate trades in customer accounts despite the transactions […]

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Wells Fargo Advisors Sued For UIT Fraud

June 30, 2018  |   Posted by :   |   Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

Francesco Traina of Miami Florida a stockbroker formerly employed by Wells Fargo Advisors LLC is the subject of a customer initiated investment related arbitration claim where the customer sought $23,000.00 in damages founded on accusations that the customer’s account was concentrated in a unit investment trust position that was not suitable for the customer. Financial […]

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FINRA Censures Capitol Securities For Failure To Supervise UITs

June 12, 2018  |   Posted by :   |   Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

Capitol Securities Management Inc. is a brokerage firm headquartered in Glen Allen Virginia has been censured and fined $100,000.00 by Financial Industry Regulatory Authority (FINRA) based in part on the firm’s consent to findings that it failed to reasonably supervise its business practices to prevent trading of unit investment trusts on an unsuitable basis. Letter […]

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RBC Capital Sued By Customer For Unauthorized Trading

Roger Alan Klinger of Indianapolis Indiana a stockbroker formerly employed by RBC Capital Markets LLC is the subject of a customer initiated investment related arbitration claim in which the customer sought $100,000.00 in damages based upon allegations that master limited partnership and unit investment trust transactions were effected in the customer’s account that were neither […]

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LPL Financial Accused Of Unit Investment Trust Fraud

May 29, 2018  |   Posted by :   |   Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

Ron Ray Willoughby Junior of Tempe Arizona a stockbroker formerly registered with LPL Financial LLC is referenced in a customer initiated investment related written complaint which settled for $33,035.29 on January 9, 2018 founded on accusations that unit investment trust transactions were executed in the customer’s account that were not suitable for the customer. Financial […]

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Next Financial Discharges Stockbroker Bad Recommendations

May 29, 2018  |   Posted by :   |   Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

Arshad Hussain of Jasper Alabama a stockbroker formerly employed by Next Financial Group Inc. has been discharged by the firm on March 14, 2018 based upon allegations that Hussain (1) effected short-term trades of investments that were designed for long-term investors and (2) misstated account applications and disclosure forms in order to conceal the customers’ […]

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Merrill Lynch Accused Of Unit Investment Trust Misrepresentation

Roderick Yzaguirre of Ontario California a stockbroker formerly employed by Merrill Lynch Pierce Fenner Smith Inc. is referenced in a customer initiated investment related written complaint on March where the customer alleged omission and misrepresentation in reference to unit investment trust transactions executed in the customer’s account. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals […]

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Wells Fargo Sued For Unit Investment Trust Fraud

Michael Fisher of Melville New York is a stockbroker formerly registered with Wells Fargo Advisors LLC who is the subject of a customer initiated investment related arbitration claim where the customer requested $324,165.01 in damages based upon allegations that Fisher effected unit investment trust transactions in the customer’s account that were not suitable for the […]

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Winslow Evans Unit Investment Trust Fraud

April 18, 2018  |   Posted by :   |   Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

Stephen Nelson Conrad of Boston Massachusetts is a stockbroker formerly registered with Winslow Evans and Crocker Inc. who is the subject of a customer initiated investment related written complaint which was resolved for $20,353.46 in damages on December 5, 2016 based upon accusations that unit investment trust and equity transactions had been placed in the […]

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Customer Accuses Ameriprise Of Misrepresentation

Mark Allen Barrand of Lone Tree Colorado is a stockbroker currently registered with Ameriprise Financial Services, Inc. who is the subject of a customer initiated investment related written complaint on January 11, 2018 in which the customer requested $138,500.00 in damages supported by allegations that Barrand made misrepresentations to the customer concerning the terms of […]

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Next Financial Sued By Customer For Omissions

April 05, 2018  |   Posted by :   |   Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

Gautam B. Bose of Bethesda Maryland is a stockbroker formerly registered with Next Financial Group Inc. who is the subject of a customer initiated investment related arbitraton claim that settled for $44,000.00 in damages supported by allegations that Bose omitted information concerning the risks and features of a variable annuity and real estate investment trust […]

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Maxim Group Broker Suspended By FINRA For Unsuitable Investments

April 05, 2018  |   Posted by :   |   Stockbroker Fraud News, Suitability, Unit Investment Trusts   |   0 Comments

Mark Jude Ketner of New York New York is a stockbroker currently registered with Maxim Group LLC who has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he made unsuitable investment trust recommendations to customers. Letter of Acceptance Waiver […]

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RBC Capital Accused Of Unit Investment Trust Omissions

Michael Starr of New York New York is a stockbroker currently registered with RBC Capital Markets LLC who is the subject of a customer initiated investment related written complaint on December 29, 2016 where the customer sought $38,000.00 in damages founded on allegations that the customer was not apprised of the risks of investing in […]

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FINRA Fines GWN For Failure To Supervise UIT Discounts

GWN Securities Inc. is a brokerage firm headquartered in Palm Beach Gardens Florida that has been censured and fined one hundred thousand dollars by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm failed to supervise its unit investment trust business to ensure that customers were provided with discounts when eligible […]

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Huntleigh Stockbroker Fined For Unsuitable Recommendations

February 20, 2018  |   Posted by :   |   Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

Jeffrey Collins Kinder of St. Louis Missouri is a stockbroker formerly registered with Huntleigh Securities Corporation who has been fined twenty thousand dollars and suspended for fifteen months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he made unsuitable investment recommendations to customers in regard […]

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FINRA Fines Morgan Stanley Stockbroker For Suitability

Vincent Sciabica of Albany New York is a stockbroker formerly registered with Morgan Stanley who has been fined five thousand dollars and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected unit investment trust transactions in customer accounts in […]

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FINRA Censures Berthel Fisher For Failure To Supervise

February 20, 2018  |   Posted by :   |   Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

Berthel Fisher Co. Financial Services Inc. is a broker-dealer headquartered in Cedar Rapids Iowa that has been censured and fined two hundred and twenty-five thousand dollars according to an Office of Hearing Officers Order Accepting Offer of Settlement containing findings that the firm failed to supervise unit investment trust transactions effected in customer accounts. Department […]

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Customer Sues Transamerica For Suitability

February 20, 2018  |   Posted by :   |   Stockbroker Fraud News, Suitability, Unit Investment Trusts   |   0 Comments

Kevin Mark Nast of Northville Michigan is a stockbroker formerly registered with Transamerica Financial Advisors Inc. who is the subject of a customer initiated investment related arbitration claim which settled for fourteen thousand dollars in damages supported by accusations that Nast made unsuitable investment recommendations to the customer and executed unauthorized transactions in the customer’s […]

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FINRA Suspends Berthel Stockbroker For Suitability

January 26, 2018  |   Posted by :   |   Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

Jeffrey Paul Dragon, of Burlington, Massachusetts, a stockbroker formerly registered with Berthel, Fisher & Co. Financial Services, Inc., has been fined $50,000.00 and suspended for twenty-one months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to a FINRA Office of Hearing Officers Order Accepting Offer of Settlement containing findings […]

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Merrill Lynch Accused Of Excessive Trading

January 26, 2018  |   Posted by :   |   Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

Ian Andrew Sharpe of Houston, Texas, a stockbroker currently registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, is the subject of a customer initiated investment related written complaint on September 26, 2016, in which the customer sought $150,000.00 in damages founded on allegations that unit investment trust trades were placed in the customer’s account […]

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JP Morgan Accused Of Making Unsuitable Recommendations

January 26, 2018  |   Posted by :   |   Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

Jeffrey Brewer McAleney, of Morristown, New Jersey, a stockbroker currently registered with J.P. Morgan Securities, LLC, is the subject of a customer initiated investment related written complaint on October 13, 2017, where the customer requested $20,271.50 in damages supported by allegations that between 2014 and 2016, McAleney made unsuitable investment recommendations to the customer regarding […]

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Chaplin Davis Stockbroker Suspended For Suitability

January 10, 2018  |   Posted by :   |   Stockbroker Fraud News, Suitability, Unit Investment Trusts   |   0 Comments

Keven J. Jedlicka, of Baltimore, Maryland, a stockbroker formerly registered with Chaplin Davis, has been suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he traded in customer accounts on an unsuitable basis. Letter of Acceptance, Waiver and Consent, No. 2016047659701 […]

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Customer Accuses Allstate Of Unauthorized Transactions

December 15, 2017  |   Posted by :   |   Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

Aaron Christopher Mesaros, of Mukilteo, Washington, a stockbroker currently registered with Allstate Financial Services, LLC, is the subject of a customer initiated investment related written complaint on November 19, 2015, in which the customer requested $5,000.00 in estimated damages supported by allegations of the unauthorized rollover of the customer’s existing unit investment trust into a […]

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Morgan Stanley Sued For Structured Product Sales

November 20, 2017  |   Posted by :   |   Stockbroker Fraud News, Structured Notes, Unit Investment Trusts   |   0 Comments

Patrick Francis Walsh, of Westlake Village, California, a stockbroker currently registered with Morgan Stanley, is the subject of a customer initiated investment related arbitration claim, which settled for $156,000.00 in damages based upon allegations that between January of 2009 and November of 2015, Walsh effected trades in the customer’s account on an excessive basis relating […]

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Morgan Stanley Failed To Supervise Unit Investment Trusts

October 03, 2017  |   Posted by :   |   Unit Investment Trusts   |   0 Comments

Morgan Stanley Smith Barney LLC, a FINRA member brokerage firm, has been censured, fined $3,250,000.00, and agreed to pay $9,786,964.88 in restitution to customers by consenting to findings that Morgan Stanley failed to supervise a stockbrokers’ unit investment trust trades in the firm’s customer accounts. Letter of Acceptance, Waiver and Consent, No. 2016048805501 (Sept. 25, […]

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Morgan Stanley Stockbroker Suspended

September 15, 2017  |   Posted by :   |   Unit Investment Trusts   |   0 Comments

Elaine D. LaCerte, of Colorado Springs, Colorado, a stockbroker formerly registered with Morgan Stanley, has been fined $5,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that she pursued a unit investment trust trading strategy that was unsuitable for customers. […]

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Regulator Bars Buckman Buckman Reid Stockbroker

September 15, 2017  |   Posted by :   |   Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

Glenn Robert King, of Shrewsbury, New Jersey, a stockbroker formerly registered with Buckman, Buckman & Reid, Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to a National Adjudicatory Council Decision containing findings that King made unauthorized and excessive trades in a customer’s account. In the […]

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Investors Capital Stockbroker Suspended

August 15, 2017  |   Posted by :   |   Suitability, Unit Investment Trusts   |   0 Comments

James S. Fleming III, of Worcester, Massachusetts, a stockbroker formerly registered with Investors Capital Corp., has been fined $10,000.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected unsuitable transactions in the customer’s account. Letter of Acceptance, Waiver […]

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LPL Financial Fires Stockbroker For UIT Misconduct

August 15, 2017  |   Posted by :   |   Unit Investment Trusts   |   0 Comments

Daniel Ian Stieff, of Westlake Village, California, a stockbroker registered with LPL Financial LLC, has been terminated from employment on November 5, 2015, based upon allegations that he traded mutual funds and short-term unit investment trust products in customer accounts in a manner which raised the company’s concerns for sales practice violations, and violated the […]

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Regulator Charges Berthe Fisher Broker

August 15, 2017  |   Posted by :   |   Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

Jeffrey Paul Dragon of Burlington, Massachusetts, a stockbroker formerly registered with Berthel, Fisher & Company Financial Services, Inc., has been charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that he effected unsuitable unit investment trust transactions in customer accounts. Department of Enforcement v. Jeffrey Paul Dragon, et al., No. 2014039169601 (Mar. 20, 2017). […]

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Regulator Bars Ameriprise Stockbroker For Suitability

August 02, 2017  |   Posted by :   |   Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

Anthony Vincent Ferrone, of Paramus, New Jersey, a stockbroker formerly registered with Ameriprise Financial Services, Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate in an investigation into allegations of unsuitable trading in customer accounts. Letter of […]

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Wells Fargo Advisors Sued For Suitability

August 02, 2017  |   Posted by :   |   FINRA Securities Arbitration, Unit Investment Trusts   |   0 Comments

Peter Michael Malis, of Woodland Hills, California, a stockbroker formerly registered with Wells Fargo Advisors, LLC, is the subject of a customer initiated investment related arbitration claim, which settled on May 2, 2017, for $1,100,000.00 in damages based upon allegations that he effected unsuitable, unauthorized and excessive closed-end fund transactions in the customer’s account, and […]

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LPL Financial Stockbroker Suspended

July 29, 2017  |   Posted by :   |   Unit Investment Trusts   |   0 Comments

James D. Maendel, of Farmington Hills, Michigan, a stockbroker formerly registered with LPL Financial LLC, has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he made misstatements on switch forms that were used to effect unit investment trust transactions. […]

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Wells Fargo Advisors Customer Alleges Misrepresentation

July 03, 2017  |   Posted by :   |   Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

Michael Fisher, of Melville, New York, a stockbroker formerly registered with Wells Fargo Advisors, LLC, has been named in a customer initiated investment related written complaint on April 12, 2017, in which the customer requested $171,172.10 in damages based upon allegations that he made misrepresentations to the customer regarding unit investment trusts. This is not […]

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Cetera Advisors Stockbroker Sanctioned For Unit Investment Trusts

Christopher Robert Hickman, of Delray Beach, Florida, a stockbroker formerly registered with Cetera Advisors LLC, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected unsuitable unit investment trust trades in customer accounts. Letter of Acceptance, Waiver and […]

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Wells Fargo Stockbroker Suspended By Regulator

Marc Harold Pearl, of Auburn, California, a stockbroker formerly registered with Wells Fargo Advisors, LLC, has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based on allegations that he failed provide FINRA staff with a response to their request for information relating to Pearl’s business activities. Letter No. […]

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Morgan Stanley Broker Barred In Investigation

Anthony Joseph Verzi, of Melbourne, Florida, a stockbroker formerly registered with Morgan Stanley, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate in a FINRA investigation into allegations of his unsuitable investment trading activities. Letter of Acceptance, Waiver […]

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Wells Fargo Advisors Sued By Customer For Misrepresentation

Mikael C. Lee, of San Mateo, California, a stockbroker formerly registered with Wells Fargo Advisors, has been named in a customer initiated investment related written complaint on December 27, 2016, in which the customer requested more than $5,000.00 in damages based upon allegations that Lee misrepresented the terms of investments effected in the customer’s account, […]

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Independent Financial Group In Arbitration For Misrepresentation

Shimshon Plotkin, of Chevy Chase, Maryland, a stockbroker currently registered with Independent Financial Group, LLC, has been named in a customer initiated investment related arbitration claim on June 20, 2016, in which the customer requested $1,000,000.00 in damages based upon allegations that Plotkin effected unsuitable transactions in the customer’s account, breached his fiduciary and contractual […]

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Hilltop Securities Stockbroker Under Investigation

April 20, 2017  |   Posted by :   |   Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

Douglas Lee Hodges, a stockbroker currently registered with Hilltop Securities Inc. and Hilltop Securities Independent Network Inc., has been subject of investigation conducted by Financial Industry Regulatory Authority (FINRA) into allegations that from April of 2012 to March of 2014, Hodges failed to supervise a registered representative’s activities involving unit investment trust and mutual fund […]

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Stifel Nicolaus Named In FINRA Arbitration

Joseph Peter Canciglia, of Hackensack, New Jersey, a stockbroker formerly registered with Stifel, Nicolaus & Company, Inc., has been named in a customer initiated investment related arbitration claim on April 20, 2016, in which the customer requested $20,000.00 in damages based upon allegations that Canciglia advised a customer to invest $20,000.00 into a unit investment […]

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Morgan Stanley Sued For Unsuitability

Laurence Michael Braunstein, of New York, New York, a stockbroker formerly registered with Morgan Stanley, has been named in a customer initiated investment related arbitration claim on August 5, 2016, in which the customer requested $100,000.00 in damages based upon allegations that Braunstein, from 2014 to 2015, effected unsuitable closed end fund, unit investment trust, […]

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Stifel Nicolaus Stockbroker Suspended For Misconduct

March 08, 2017  |   Posted by :   |   Stockbroker Fraud News, Suitability, Unit Investment Trusts   |   0 Comments

Harold S. Pomeranz, of Garden City, New York, a stockbroker formerly registered with Stifel, Nicolaus & Company, Inc., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he made unsuitable investment recommendations to a customer. Letter of Acceptance, Waiver […]

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The Huntington Investment Company Named In Fraud Complaint

February 27, 2017  |   Posted by :   |   Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

Nathan Thomas Koenig, of Perrysburg, Ohio, a stockbroker previously registered with The Huntington Investment Company, has been named in a customer initiated investment related written complaint on April 4, 2016, in which the customer requested $14,461.87 in damages based upon allegations that Koenig misrepresented a variable annuity, and omitted that the customer would forego guaranteed […]

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CUSO Financial Services Principal Suspended For Failure To Supervise

Richard Michael Gholson, of Pahoa, Hawaii, a principal formerly registered with Cuso Financial Services, L.P., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to supervise the suitability of unit investment trust recommendations made by the firm’s […]

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Morgan Stanley Smith Barney Named FINRA Securities Arbitration

January 26, 2017  |   Posted by :   |   FINRA Securities Arbitration, Unit Investment Trusts   |   0 Comments

Edward Louis Barger, of Miami Florida, a stockbroker formerly registered with Morgan Stanley Smith Barney, has been named in a customer initiated investment related arbitration claim on April 4, 2016, which was based upon allegations that between August of 2011 and December of 2015, Barger effected unsuitable closed-end funds and equity transactions in the customer’s […]

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LPL Financial Stockbroker Suspended For Unsuitable Trading

Mark Tauzin of Lafayette, Louisiana, a stockbroker formerly associated with LPL Financial LLC, was fined $20,000.00 and suspended for eight months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he effected unsuitable trades of unit investment trusts in customer accounts. Letter of Acceptance, Waiver and Consent, […]

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SWS Financial Services Stockbroker Suspended For Unsuitable Trading

David Randall Lockey, of Dallas, Texas, a stockbroker formerly registered with SWS Financial Services, Inc., was fined $10,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member, ordered to provide restitution of $5,329.75, and disgorged of $46,447.38 per a FINRA Order Accepting Offer of Settlement containing findings that Lockey […]

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Trustmont Financial Group Fined For Failure To Supervise Unit Investment Trusts

Trustmont Financial Group, Inc., headquartered in Greensburg, Pennsylvania, was fined $100,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm, inter alia, did not properly supervise unit trusts transactions, and failed to adequately supervise consolidated reports which the firm distributed to customers. Letter of Acceptance, Waiver and Consent, No. 2014038914601 (Sept. 23, […]

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Unsuitable Recommendations Cost ICC $1 Million

October 10, 2016  |   Posted by :   |   Steepeners, Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

Investors Capital Corporation, headquartered in Lynnfield, Massachusetts, was censured and fined $250,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm engaged in the unsuitable recommendations of unit investment trusts and steepeners to customers. Letter of Acceptance, Waiver and Consent, No. 2010022046101 (Oct. 3, 2016). According to the AWC, between June of […]

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Unit Investment Trust Fraud Results In Suspension of Wayward Stockbroker

September 27, 2016  |   Posted by :   |   Stockbroker Fraud News, Suitability, Unit Investment Trusts   |   0 Comments

Richard Graham, of Lafayette, Indiana, a stockbroker registered with The Huntington Investment Company, was fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he made unsuitable investment recommendations to customers. Letter of Acceptance, Waiver and Consent, No. 2015046281401 (Sept. 29, 2016). According to […]

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Sigma Financial Corporation Fined For Cheating Customers

August 25, 2016  |   Posted by :   |   Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

Sigma Financial Corporation, headquartered in Ann Arbor, Michigan, was censured and fined $100,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that it overcharged customers concerning their purchases of unit investment trusts, and for the firm’s failure to implement adequate supervisory procedures pertaining to sales charge discounts to ensure customers received them. Letter […]

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Summit Brokerage Services Fined For Overcharging Customers

Summit Brokerage Services, Inc., headquartered in Boca Raton, Florida, was censured and fined $75,000.00 by the Financial Industry Regulatory Authority (FINRA) after consenting to findings that it overcharged customers regarding unit investment trust purchases, and failed to implement adequate supervisory procedures to prevent the overcharging of customers. Letter of Acceptance, Waiver and Consent, No. 2014041840301 […]

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Newbridge Securities Corporation Censured And Fined For Overcharging Customers

June 30, 2016  |   Posted by :   |   Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

Newbridge Securities Corporation, headquartered in Boca Raton, Florida, was censured and fined $115,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed to apply sales charge discounts to eligible customers’ purchases of unit investment trusts (UITs); and failed to develop and manage supervisory practices and protocol to make sure eligible […]

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Buckman Buckman Reid Stockbroker Barred For Fraud

Glenn Robert King, of Shrewsbury, New Jersey, a stockbroker formerly with Royal Alliance, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he fraudulently omitted and misrepresented material facts to investors, prompted excessive and unsuitable transactions, and committed unauthorized discretionary trading. Department of […]

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WFG Investments Fined For Cheating Customers

June 30, 2016  |   Posted by :   |   Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

WFG Investments, Inc., headquartered in Dallas, Texas, was censured and fined $65,000.00 by the Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed to apply sales charge discounts to eligible customers’ purchases of unit investment trusts (UITs); and failed to develop and manage supervisory practices and protocol to make sure eligible […]

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Kovack Securities Fined For Cheating Customers

Kovack Securities, Inc., headquartered in Fort Lauderdale, Florida, was censured and fined $125,000.00 by the Financial Industry Regulatory Authority (FINRA) for failing to apply sales charge discounts to eligible customers’ purchases of unit investment trusts, in addition to failing to develop and manage the requisite supervisory practices to ensure that eligible customers received sales charge […]

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Feltl And Company Stockbroker Suspended for Unsuitable Recommendations

Lance J. Ziesemer, of Wayzata, Minnesota, a stockbroker for Feltl & Company, was fined $7,500.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he made unsuitable recommendations to customers. Letter of Acceptance, Waiver and Consent, No. 2013036524903 (May 12, 2016). […]

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Huntington Investment Company Stockbroker Barred For Lying

David Michael Miller, of Columbus, Ohio, a stockbroker with Huntingdon Investment Company, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity per an Office of Hearing Officers Default Decision containing findings that Miller engaged in unsuitable recommendations and negligent misrepresentations concerning customer accounts. Department of Enforcement v. […]

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Feltl And Company Fined For Cheating Customers

Feltl & Company Corporation, headquartered in Minneapolis, Florida, was censured and fined $250,000.00 by the Financial Industry Regulatory Authority (FINRA) for failing to apply sales charge discounts to eligible customers’ purchases of unit investment trusts; for failing to develop and manage the requisite supervisory practices to ensure eligible customers received sales charge discounts on UIT […]

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INVEST Financial Corporation Fined For Cheating Customers

INVEST Financial Corporation, headquartered in Tampa, Florida, was censured and fined $175,000.00 by the Financial Industry Regulatory Authority (FINRA) for failing to apply sales charge discounts to eligible customers’ purchases of unit investment trusts; and for failing to develop and manage the appropriate supervisory practices to ensure eligible customers received sales charge discounts on UIT […]

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Broker Dealers Censured For Failure To Provide Customers Discounts

Multiple Financial Industry Regulatory Authority (FINRA) member broker dealers, including Robert W. Baird & Co, Inc., BB&T Securities, LLC., U.S. Bancorp Investments, Inc., Fifth Third Securities, Inc., and PNC Investments LLC, were recently censured and ordered to pay restitution to customers after consenting to findings that the firms’ overcharged customers in mutual funds purchases, and […]

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RBC Capital Markets LLC Fined For Stealing Customer Discounts

RBC Capital Markets LLC, headquartered in New York, New York, was censured and fined $225,000.00 by the Financial Industry Regulatory Authority (FINRA) for failing to apply sales charge discounts to eligible customers’ purchases of unit investment trusts; and for failing to develop and manage the requisite supervisory practices to ensure eligible customers received sales charge […]

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Triad Advisors Fined For Cheating Customers

Triad Advisors LLC, headquartered in Norcross, Georgia, was censured and fined $125,000.00 by Financial Industry Regulatory Authority (FINRA) for failing to apply sales charge discounts to eligible customers’ purchases of unit investment trusts; and failed to develop and adequately implement supervisory policies and procedures to ensure that such customers received sales charge discounts on all […]

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Lombard Securities Fined For Failure to Supervise

Lombard Securities Inc., headquartered in Baltimore, Maryland, was censured and fined $50,000.00 by Financial Industry Regulatory Authority (FINRA) pursuant to an Order Accepting Offer of Settlement containing findings that the firm committed supervisory violations pertaining to mutual fund switches, uniform investment trusts (UITs), and non-traditional exchange traded funds (ETFs); and failed to provide customers with […]

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Feltl Supervisor Suspended For Failure To Supervise

Joel S. Bovee, of Wayzata, Minnesota, a stockbroker with Feltl & Company, was fined $5,000.00 and suspended for two months from association with any Financial Industry Regulatory Authority (FINRA) member in a principal capacity after consenting to findings that he had failed to supervise a stockbroker who engaged in unsuitable transactions. Letter of Acceptance, Waiver […]

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Brokerage Firms Fined for Stealing Customer Discounts

Key Investment Services, LLC, Next Financial Group, Inc., Stephens Inc., Bankers & Investors Co., and J.J.B. Hilliard, W.L. Lyons LLC were all recently censured and fined by Financial Industry Regulatory Authority (FINRA) for failing to apply sales charge discounts to certain customers’ eligible purchases of unit investment trusts (“UITs”) in violation of FINRA Rule 2010; […]

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Cambridge Investment Research Stockbroker Suspended for Unsuitable Recommendations

February 12, 2016  |   Posted by :   |   Stockbroker Fraud News, Suitability, Unit Investment Trusts   |   0 Comments

Jacob T. Turner of Orlando, Florida, a stockbroker with Cambridge Investment Research, Inc., was fined $5,000 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities after consenting to findings that he made unsuitable recommendations to customers. Letter of Acceptance, Waiver, and Consent, No. 2013036516301 […]

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FTB Advisors Inc. Fined Failure to Supervise

December 09, 2015  |   Posted by :   |   Failure To Supervise, Unit Investment Trusts   |   0 Comments

FTB Advisors, Inc., Inc. was censured and fined $125,000 by Financial Industry Regulatory Authority (FINRA) for failing to apply sales charge discounts to certain customers’ eligible purchases of unit investment trusts (“UITs”) in violation of FINRA Rule 2010; as well as failing to establish, maintain and enforce a supervisory system and written supervisory procedures reasonably […]

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Woodbury Financial Services Inc. Fined for Failure to Supervise

Woodbury Financial Services, Inc., of Oakdale, Minnesota, was censured and fined $100,000 by Financial Industry Regulatory Authority (FINRA) for failing to apply sales charge discounts to certain customers’ eligible purchases of unit investment trusts (“UITs”) in violation of FINRA Rule 2010; as well as failing to establish, maintain and enforce a supervisory system and written […]

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Huntington Investment Company Stockbroker Suspended for Unsuitable Recommendations

Jeffrey L. Rittberger of New Concord, Ohio, a stockbroker associated with Huntington Investment Company, was fined $10,000 and suspended for forty-five days from association with any Financial Industry Regulatory Authority (FINRA) member in all capacities after consenting to findings that he made unsuitable recommendations to firm customers. Letter of Acceptance, Waiver and Consent, No. 2013036874902 […]

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Royal Alliance Associates Fined for Failure to Supervise

Royal Alliance Associates, Inc. was censured and fined $225,000 by Financial Industry Regulatory Authority (FINRA) for failing to apply sales charge discounts to certain customers’ eligible purchases of unit investment trusts (“UITs”) in violation of FINRA Rule 2010; as well as failing to establish, maintain and enforce a supervisory system and written supervisory procedures reasonably […]

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Stifel Nicolaus & Company Principal Suspended for Failure to Supervise

Robert N. Adrian of Memphis, Tennessee, a registered representative with Stifel, Nicolaus & Company, was fined $5,000 and suspended for forty-five days from association with any Financial Industry Regulatory Authority (FINRA) member in all principal capacities after consenting to findings that he failed to supervise a registered representative in a manner designed to detect the […]

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Huntington Investment Company Broker Charged for Unsuitable Recommendations

David Michael Miller of Columbus, Ohio, a registered representative with Huntington Investment Company, was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Miller did not have reasonable grounds for believing his recommendations were suitable in purchases of unit investment trusts in one hundred and twenty-nine customer accounts. Department […]

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Buckman Buckman Reid Broker Charged for Fraud

Glen Robert King of Shrewsbury, NJ, a registered representative with Buckman, Buckman & Reid, Inc., was charged by the Department of Enforcement of Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that King made fraudulent misrepresentations to customers, engaged in excessive and unsuitable trading, and exercised discretion in accounts of customers without written authority. […]

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ProEquities Fined for Failure to Supervise

ProEquities, Inc. was censured and fined $165,000 by Financial Industry Regulatory Authority (FINRA) for failing to apply sales charge discounts to certain customers’ eligible purchases of unit investment trusts (“UITs”) in violation of FINRA Rule 2010; as well as failing to establish, maintain and enforce a supervisory system and written supervisory procedures reasonably designed to […]

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Wells Fargo Broker Barred for False Promises

Jack Allen Scherbert of Sparks Nevada was barred by the Financial Industry Regulatory Authority or for life following his failure to cooperate, as required by FINRA Rules, in connection with its investigation that Scherbert made false guaranties regarding return of interest and principal to Wells Fargo Advisors customers in connection with the recommendation and sale […]

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