unit investment trust

Stifel, Nicolaus & Company Inc. Fined $3.6 Million for UIT Fees and Related Supervisory Failures

Posted on Tuesday, June 2nd, 2020 at 4:54 pm    

In May 2020, FINRA sanctioned Stifel, Nicolaus & Company Inc. to pay $3.65 million for unit investment trust (UIT) violations, including $1.9 million in restitution plus interest to more than 1,700 customers; FINRA also fined  Stifel, Nicolaus & Company Inc. $1.75 million for providing inaccurate information to customers related to rollover costs as well as […]

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Erez Law Files Claim Against Presidential Brokerage, Inc. and Broker Gregory Williams

Posted on Friday, March 27th, 2020 at 1:14 pm    

In March 2020, Erez Law filed a FINRA arbitration against Presidential Brokerage, Inc. The customers were clients of Gregory Williams (CRD# 1561089), who has been a registered representative of Forta Financial Group (also known as Presidential Brokerage, Inc.) in Greenwood Village, Colorado since 2011. The clients allege the following in the newly filed FINRA claim: […]

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Morgan Stanley Broker Francis Aurino Recovery Loss Options

Posted on Wednesday, March 18th, 2020 at 3:01 pm    

Were you the victim of Morgan Stanley broker Francis Aurino (CRD# 1754375)? Aurino has been registered with Morgan Stanley in Beverly Hills, California since 2009. Aurino has been the subject of four customer complaints between 2002 and 2019, three of which were denied, according to his CRD report: October 2019. “Claimants allege, inter alia, inter […]

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Former Raymond James & Associates, Inc. Broker E Kyle Davis UIT Losses?

Posted on Tuesday, March 3rd, 2020 at 10:31 am    

Were you the victim of former Raymond James & Associates, Inc. broker E Kyle Davis (CRD# 2995789)? Davis has been registered with Ameriprise Financial Services, LLC in Atlanta, Georgia since January 2019. Previously, Davis was registered with Raymond James & Associates, Inc. in Atlanta, Georgia from 2013 to 2019. Dating back to December 2007, the […]

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FINRA Orders Investors Capital Corp. to Pay $1.1 Million for UIT and Steepeners Sales

Posted on Tuesday, November 19th, 2019 at 2:16 pm    

In October 2019, FINRA ordered Investors Capital Corp. to pay $1.1 million in fines and restitution related to the sale of unit investment trusts (UITs) and steepeners, another complex financial product. Investors Capital Corp. is in the Cetera Financial Group network. The settlement included a $250,000 fine and $841,532.97 in restitution to 74 clients. According […]

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Raymond James to Reaches $15 Million Settlement Over UIT Sales Excessive Fees and Commissions

Posted on Monday, September 23rd, 2019 at 8:41 pm    

Erez Law is currently investigating Raymond James brokers across the country who recommended unsuitable unit investment trusts (UITs). A UIT is an investment company that offers a fixed portfolio as redeemable units to investors for a specific period of time. UITs are designed to provide capital appreciation and/or dividend income. UITs consist of collective investments […]

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Citigroup Global Markets Censured and Fined $380,000 for Supervisory Failures

Posted on Wednesday, June 26th, 2019 at 3:37 pm    

In June 2019, FINRA censured Citigroup Global Markets, fined the firm $225,000 and ordered them to pay $152,488.59 in restitution plus interest for supervisory failures in connection with the sale of Unit Investment Trusts (UITs). According to FINRA, between 2011 and 2017, Citigroup Global Markets failed to identify and apply sales charge discounts to certain […]

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Former Raymond James & Associates, Inc. Financial Advisor Robert Howard UIT Losses

Posted on Tuesday, April 9th, 2019 at 12:34 pm    

Erez Law is currently investigating former Raymond James & Associates, Inc. financial advisor Robert Howard (CRD# 2201547) regarding Unit Investment Trust (UIT) losses. Howard has been registered with Wedbush Securities Inc. in Dallas, Texas since April 2019. Previously, Howard was registered with Raymond James & Associates, Inc. in Dallas, Texas from 2013 to 2019, when […]

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Hilltop Securities Inc. Financial Advisor Walter Valenzuela Has More Than $12.5 Million in Pending Customer Complaints

Posted on Tuesday, October 9th, 2018 at 4:43 pm    

Erez Law is currently investigating Hilltop Securities Inc. financial advisor Walter Valenzuela (CRD# 2280224) regarding investment losses due to unsuitable investment recommendations. Valenzuela has been registered with Hilltop Securities Inc. in Del Mar, California since 2008. Valenzuela has been the subject of seven customer complaints between 1999 and 2018, according to his CRD report. Recent […]

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Morgan Stanley Fined $13 Million for Short-Term Trades of UITs

Posted on Saturday, October 7th, 2017 at 9:22 am    

Erez Law is currently investigating Morgan Stanley Smith Barney LLC financial advisors across the country regarding short-term trades of unit investment trusts (UITs). According to the FINRA news release, the regulatory agency fined Morgan Stanley $3.25 million and required the firm to pay approximately $9.78 million in restitution to more than 3,000 affected customers for […]

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