Unit Investment Trusts (UITs)

Archive | Unit Investment Trusts (UITs)

Merrill Lynch Stockbroker Sanctioned For Unsuitable UIT Recommendations

July 12, 2021  |   Posted by :   |   Investment and Regulatory News, Unit Investment Trusts (UITs), Unsuitable Investment Recommendations   |   Comments Off on Merrill Lynch Stockbroker Sanctioned For Unsuitable UIT Recommendations

Scott Ryland Mathews of Charlotte North Carolina a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Incorporated has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings of Mathews providing unsuitable recommendations to customers regarding unit investment trust transactions […]

Read More »

FINRA Sanctions Merrill Lynch $3.2 Million For Failure To Supervise

July 12, 2021  |   Posted by :   |   Failure To Supervise, Investment and Regulatory News, Unit Investment Trusts (UITs)   |   Comments Off on FINRA Sanctions Merrill Lynch $3.2 Million For Failure To Supervise

Merrill Lynch Pierce Fenner Smith Incorporated a securities broker dealer headquartered in New York New York has been censured and fined $3,250,000.00 by Financial Industry Regulatory Authority (FINRA) based upon findings that Merrill Lynch failed to supervise its stockbrokers’ recommendations of unit investment trusts resulting in customers being overcharged on UIT transactions. Letter of Acceptance […]

Read More »

Morgan Stanley Terminates Stockbroker For Hiding Customer Complaints

July 12, 2021  |   Posted by :   |   Investment and Regulatory News, Unit Investment Trusts (UITs), Unsuitable Investment Recommendations   |   Comments Off on Morgan Stanley Terminates Stockbroker For Hiding Customer Complaints

Richard Paul Altieri of Boca Raton Florida a stockbroker and investment adviser representative of Morgan Stanley has been discharged on February 11, 2021 supported by accusations of Altieri failing to report complaints and misusing Morgan Stanley Wealth Management information. Altieri has been identified in four customer initiated investment related disputes regarding allegations of his wrongdoing […]

Read More »

Investors File FINRA Arbitration Against Prospera Sued For Breach Of Fiduciary Duty

March 08, 2021  |   Posted by :   |   Alternative Investments, Breach of Fiduciary Duty, Investment and Regulatory News, Unit Investment Trusts (UITs)   |   Comments Off on Investors File FINRA Arbitration Against Prospera Sued For Breach Of Fiduciary Duty

Andrew James Pravlik of Pittsburgh Pennsylvania a stockbroker formerly registered with Prospera Financial Services is the subject of a customer initiated investment related FINRA securities arbitration claim which was settled for $27,000.00 in damages supported by allegations that five unsuitable alternative investments had been recommended by Pravlik during the time that he was associated with […]

Read More »

Investors File Arbitration Claim Against Kingswood For UITs

January 19, 2021  |   Posted by :   |   FINRA Securities Arbitration, Investment and Regulatory News, Non-traded REITs, Unit Investment Trusts (UITs)   |   Comments Off on Investors File Arbitration Claim Against Kingswood For UITs

William Robert Young (also known as Bill Young) of Rockville Maryland a stockbroker and investment adviser representative of Kingswood Capital Partners LLC is the subject of a customer initiated investment related complaint on October 1, 2020 in which the customer sought more than $5,000.00 in damages supported by accusations that the customer had been sold […]

Read More »

Oppenheimer Stockbroker Sanctioned For Churning Unit Investment Trusts

December 01, 2020  |   Posted by :   |   FINRA Securities Arbitration, Investment and Regulatory News, Unit Investment Trusts (UITs)   |   Comments Off on Oppenheimer Stockbroker Sanctioned For Churning Unit Investment Trusts

Ivan Shore of New York New York a stockbroker formerly registered with Oppenheimer Co. Inc. has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that Shore made unsuitable recommendations to customers regarding unit investment trusts during the time that […]

Read More »

FINRA Sanctions Stifel Stockbroker For Churning Unit Investment Trusts

November 30, 2020  |   Posted by :   |   FINRA Securities Arbitration, Investment and Regulatory News, Unit Investment Trusts (UITs)   |   Comments Off on FINRA Sanctions Stifel Stockbroker For Churning Unit Investment Trusts

Kurt Jason Gunter of Austin Texas a stockbroker formerly registered with Stifel Nicolaus Company Incorporated has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that he made recommendations that were not suitable for Stifel Nicolaus customers as it pertained to unit investment […]

Read More »

Oppenheimer Stockbroker Investigated By FINRA For UIT Misconduct

November 04, 2020  |   Posted by :   |   Securities Arbitration Claims, Unit Investment Trusts (UITs)   |   Comments Off on Oppenheimer Stockbroker Investigated By FINRA For UIT Misconduct

Martin William Padilla of Los Angeles California a stockbroker formerly registered with Oppenheimer Co. Inc. is referenced in a Financial Industry Regulatory Authority (FINRA) investigation into accusations that Padilla made unsuitable trades of unit investment trusts in customer accounts. Case No. 2018057228701 (Aug. 7, 2020). FINRA Public Disclosure indicates that Department of Enforcement might proceed […]

Read More »

Wells Fargo Sued By Investors For Fraud

September 14, 2020  |   Posted by :   |   Breach of Fiduciary Duty, Securities Arbitration Claims, Securities Fraud, Unit Investment Trusts (UITs)   |   Comments Off on Wells Fargo Sued By Investors For Fraud

Thomas Von Reckers (also known as Tom VonReckers) of Lakewood Colorado a stockbroker formerly employed by Wells Fargo Advisors Financial Network is referenced in a customer initiated investment related arbitration claim which was settled for $90,000.00 in damages founded on accusations that a fiduciary duty that was owed to the customer had been breached and […]

Read More »

FINRA Sanctions Capital Securities Stockbroker

September 14, 2020  |   Posted by :   |   Excessive Trading, Unit Investment Trusts (UITs), Unsuitable Investment Recommendations   |   Comments Off on FINRA Sanctions Capital Securities Stockbroker

Michael Rubel of Red Bank New Jersey a stockbroker formerly registered with Capital Securities Management has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that he made unsuitable unit investment trust transactions in customer accounts at Capital Securities Management. Letter of Acceptance Waiver and Consent […]

Read More »

FINRA Sanctions Oppenheimer Stockbroker For Unsuitable Recommendations

August 27, 2020  |   Posted by :   |   Excessive Trading, Unit Investment Trusts (UITs), Unsuitable Investment Recommendations   |   Comments Off on FINRA Sanctions Oppenheimer Stockbroker For Unsuitable Recommendations

Frederick Scott Levine of Florham Park New Jersey a stockbroker formerly registered with Oppenheimer Co. Inc. has been suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Levine made unsuitable rollovers of unit investment trusts in Oppenheimer customer accounts. Letter of Acceptance Waiver […]

Read More »

SagePoint Sanctioned By FINRA For Failure To Supervise

June 22, 2020  |   Posted by :   |   Failure To Supervise, Unit Investment Trusts (UITs)   |   Comments Off on SagePoint Sanctioned By FINRA For Failure To Supervise

SagePoint Financial a securities broker dealer headquartered in Phoenix Arizona has been censured and fined $300,000.00 by Financial Industry Regulatory Authority (FINRA) based upon findings that it failed to supervise short-term trades of unit investment trusts with a view towards ensuring the suitability of those transactions for customers. Letter of Acceptance Waiver and Consent No. […]

Read More »

Stifel Nicolaus Sanctioned For Failure To Supervise

June 08, 2020  |   Posted by :   |   Failure To Supervise, Unit Investment Trusts (UITs)   |   Comments Off on Stifel Nicolaus Sanctioned For Failure To Supervise

Stifel Nicolaus a securities broker dealer headquartered in Saint Louis Missouri has been censured and fined $1,750,000.00 by Financial Industry Regulatory Authority (FINRA) founded on findings that (1) Stifel Nicolaus failed to supervise customers’ unit investment trust transactions which led to seemingly inappropriate and unwarranted sales charges and (2) Stifel Nicolaus provided customers with wrong […]

Read More »

Investors Accuse Hilltop Securities Of Misrepresentation

June 03, 2020  |   Posted by :   |   Securities Arbitration Claims, Unit Investment Trusts (UITs)   |   Comments Off on Investors Accuse Hilltop Securities Of Misrepresentation

Dennis Robberecht (also known as Dennis Robreck and as Dennis Robbercht) of Roseville California a stockbroker currently associated with Hilltop Securities Inc. has been referenced in a customer initiated investment related written complaint on January 13, 2020 in which the customer requested $46,000.00 in damages supported by allegations that misrepresentations had been made about securities […]

Read More »

Oppenheimer Broker Sanctioned For Churning Unit Investment Trusts

April 23, 2020  |   Posted by :   |   Excessive Trading, Unit Investment Trusts (UITs)   |   Comments Off on Oppenheimer Broker Sanctioned For Churning Unit Investment Trusts

Brian Douglas Engstrom (also known as Brian Douglas Cordes) of Pensacola Florida a stockbroker formerly registered with Oppenheimer Co. Inc. has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he provided bad investment recommendations to his […]

Read More »

Hennion Walsh Sued By Investors For Fraud

April 08, 2020  |   Posted by :   |   Securities Fraud, Unit Investment Trusts (UITs)   |   Comments Off on Hennion Walsh Sued By Investors For Fraud

Joseph Ismael Rodriguez of Parsippany New Jersey a stockbroker currently employed by Hennion Walsh Inc. has been identified in a customer initiated investment related arbitration claim where the customer sought $300,000.00 in damages founded on accusations that the customer was provided with defective investment advice regarding investments including unit investment trusts and mutual funds between […]

Read More »

Investors Accuse Waddell Reed Of Unit Investment Trust Misconduct

Gale Ann Brodie (also known as Gale Ann Jenckes) of Sacramento California a stockbroker registered with Waddell Reed Inc. is the subject of a customer initiated investment related complaint on June 1, 2018 in which the customer requested $57,000.00 in damages based upon allegations that the customer was placed into unit investment trust products containing […]

Read More »

Hilltop Securities Accused Of Excessive Trading UITs

Walter Roland Valenzuela of Del Mar California a stockbroker currently registered with Hilltop Securities Inc. is referenced in a customer initiated investment related complaint which was settled on November 1, 2018 for $100,000.00 in damages founded on accusations that (1) unit investment trust trades were made in the customer’s account on an excessive basis (2) […]

Read More »

FINRA Sanctions Raymond James Stockbroker

Cecil Allen Ross of Orlando Florida a stockbroker formerly registered with Raymond James Associates has been fined $5,000.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Ross made unsuitable recommendations of unit investment trust transactions in customer accounts. Letter […]

Read More »

FINRA Sanctions Cambridge For Failure To Supervise UITs

Cambridge Investment Research a securities broker dealer headquartered in Fairfield Iowa has been censured and fined $150,000.00 by Financial Industry Regulatory Authority (FINRA) based upon findings that (1) Cambridge failed to adequately supervise mutual fund and unit investment trust (UIT) trades (2) Cambridge neglected to create an adequate supervision system to identify and prevent its […]

Read More »

Oppenheimer Sanctioned Billion Dollar Failure To Supervise UITs

Oppenheimer Co. Inc. a securities broker dealer headquartered in New York New York has been censured and fined $800,000.00 by Financial Industry Regulatory Authority (FINRA) based upon findings that the securities broker dealer neglected to adequately supervise its stockbrokers’ unit investment trust trades in customer accounts. Letter of Acceptance Waiver and Consent No. 2016050948101 (Dec. […]

Read More »

Raymond James Discharges Stockbroker For UIT Trades

Joe Tom King Jr. of Panama City Florida a stockbroker formerly employed by Raymond James Associates Inc. has been discharged by the securities broker dealer on December 6, 2018 founded on accusations that the stockbroker engaged in inappropriate unit investment trust transactions. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that King is referenced in […]

Read More »

Key Investment Services Sanctioned For Failure To Supervise

Key Investment Services LLC a securities broker dealer headquartered in Brooklyn Ohio has been censured and fined $425,000.00 by Financial Industry Regulatory Authority (FINRA) based upon findings that the securities broker dealer: (1) failed to supervise unit investment trust transactions executed in customer accounts by its stockbrokers (2) neglected to enforce procedures relating to the […]

Read More »

Investors Sue Cetera Advisors For Breach Of Fiduciary Duty

Christopher Robert Hickman of Delray Beach Florida a stockbroker formerly registered with Cetera Advisors LLC is the subject of a customer initiated investment related arbitration claim in which the customer requested $1,000,000.00 in damages founded on allegations that (1) fiduciary duties were breached (2) misrepresentations had been negligently made by the stockbroker in regard to […]

Read More »

Morgan Stanley Sued For Unit Investment Trust Sales

Michael Frank Greenstone of Palm Beach Florida a stockbroker formerly registered with Morgan Stanley Smith Barney is referenced in a customer initiated investment related arbitration claim in which the customer requested $5,000,000.00 in damages based upon accusations that between 2013 and 2019, the customer had been placed into unit investment trust and equity products which […]

Read More »

Morgan Stanley Sued By Investors For Bad UITs

Elaine Diones Lacerte of Colorado Springs Colorado a stockbroker formerly registered with Morgan Stanley is the subject of a customer initiated investment related arbitration claim which was settled for $9,500.00 in damages supported by accusations that unit investment trust transactions effected by the stockbroker were unsuitable for the customer. Financial Industry Regulatory Authority (FINRA) Arbitration […]

Read More »

Investors Accuse ProEquities Of Unit Investment Trust Misconduct

November 01, 2019  |   Posted by :   |   Investment and Regulatory News, Unit Investment Trusts (UITs)   |   0 Comments

Roger Dale Davis of Ooltewah Tennessee a stockbroker currently employed by ProEquities Inc. is the subject of a customer initiated investment related complaint on June 27, 2019 in which the customer sought $180,000.00 in damages supported by accusations that (1) the customer had been misled by Davis as it concerned the nature of unit investment […]

Read More »

Investors Sue Presidential Brokerage For Fraud

Gregory Jon Williams (also known as Greg Williams) of Greenwood Village Colorado a stockbroker currently registered with Presidential Brokerage Inc. is the subject of a customer initiated investment related arbitration claim where the customer requested $578,821.00 in damages supported by allegations that (1) fiduciary obligations failed to be complied with by Williams (2) fraudulent transactions […]

Read More »

Investors Accuse Hennion Walsh Of Bad Investment Advice

Sean Michael Logue of Parsippany New Jersey a stockbroker currently registered with Hennion Walsh Inc. is the subject of a customer initiated investment related written complaint which was resolved for $10,000.00 on May 9, 2019 based upon accusations of bad mutual fund investment recommendations being made to the customer which resulted in the customer purchasing […]

Read More »

Investors Sue Morgan Stanley For Churning

Paul William Lascelle of Flemington New Jersey a stockbroker formerly registered with Morgan Stanley Smith Barney is the subject of a customer initiated investment related arbitration claim which was resolved for $45,000.00 in damages supported by accusations that unit investment trust, stock and mutual fund trades had been executed in the customer’s account in excessive […]

Read More »