unit investment trust

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 […]

Read More

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 […]

Read More

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 […]

Read More

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 […]

Read More

Warning to Investors: Centaurus Financial Financial Advisors Ricky Mantei, Cindy Chiellini and Kathy Nishnic

Posted on Monday, November 19th, 2018 at 1:08 pm    

Erez Law is currently investigating Centaurus Financial financial advisors Ricky Mantei (CRD# 1098981), Cindy Chiellini (CRD# 1015592) and Kathy Nishnic (CRD# 2499553) who are alleged to make unlawful recommendations. According to public records, a former customer of Centaurus Financial and Mantei, Chiellini and Nishnic filed a FINRA arbitration for unlawful recommendations. According to claim, the […]

Read More

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 […]

Read More

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 […]

Read More

Barred Broker: Former Morgan Stanley Financial Advisor Anthony Ferrone

Posted on Saturday, September 30th, 2017 at 7:57 am    

Erez Law is currently investigating former Morgan Stanley financial advisor Anthony Ferrone (CRD# 1192506) regarding unsuitable trading of unit investment trusts (UITs). Ferrone has been registered with Ameriprise Financial Services, Inc. in Paramus, New Jersey from September 2016 to April 2017. Previously, he was registered with Morgan Stanley in Ridgewood, New Jersey from 2011 to […]

Read More

Did You Suffer Losses Former Feltl & Company Financial Advisor Lance Ziesemer Due to Investments in UITs?

Posted on Thursday, August 3rd, 2017 at 2:14 pm    

Erez Law is currently investigating former Feltl & Company financial advisor Lance Ziesemer (CRD# 2342087) regarding unsuitable recommendations regarding unit investment trusts (UITs). Ziesemer was registered with Feltl & Company in Wayzata, Minnesota from 2007 to 2016. In September 2016, FINRA barred Ziesemer after he failed to respond to FINRA request for information. “Respondent failed […]

Read More

Revere Securities LLC Financial Advisor Brett Murphy Has $2 Million Pending Customer Complaint

Posted on Thursday, August 3rd, 2017 at 1:45 pm    

Erez Law is currently investigating Revere Securities LLC financial advisor Brett Murphy (CRD# 2434384) regarding excessive and unsuitable trading of unit investment trusts (UITs). Murphy has been registered with Revere Securities LLC in Boca Raton, Florida since 2015. Previously, he was registered with Oppenheimer & Co. Inc. in Palm Beach Gardens, Florida from 2011 to […]

Read More