Search Results for: closed end funds

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This arbitration arises out of a Santander stockbroker’s unsuitable investment decision with regard to the Claimants’ Santander investment account which was reinvested and overconcentrated in Puerto Rico, resulting in the Claimants suffering substantial monetary losses.

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Austin Wayne Morton, a previously registered broker with Edward D. Jones & Co. L.P. (Edward Jones), was named a Respondent in a Financial Industry Regulatory Authority (FINRA) complaint alleging that he converted $36,000 from his former customer, an elderly man suffering from dementia. According to the FINRA complaint, Austin Wayne Morton, of Spiro, Oklahoma, allegedly […]

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David Lockey, a stockbroker formerly employed with SWS Financial Services, Inc. n/k/a Hilltop Securities Independent Network, Inc., submitted an Offer of Settlement to the Financial Industry Regulatory Authority (FINRA) in which he was assessed a deferred fine of $10,000, suspended for six months, and ordered to pay disgorgement of portion of his commissions of $46,447.38 […]

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Ali Radfar of New York, New York submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly participating in an undisclosed private securities transaction in violation of NASD Rule 3040 and FINRA Rule 2010. Radfar entered the securities industry in July 2006 […]

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David Michael Miller, a former registered representative with Huntington Investment Company (Huntington) was named a respondent in a Financial Industry Regulatory Authority (FINRA) complaint alleging unsuitable Unit Investment Trust (UIT) recommendations. The complaint alleges that Mr. Miller, of Columbus, Ohio, had no reasonable basis to recommend UIT purchases which totaled approximately $5.4 million in 129 […]

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UBS Wealth Management and UBS Puerto Rico have been ordered by the Financial Industry Regulatory Authority (FINRA) to pay $1 million in damages to a 66 year old investor. According to the arbitration panel, UBS brokers encouraged the investor to keep and hold 100% of his investment portfolio in risky Puerto Rico closed end bond […]

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In 2002 and 2003, the client inherited what she understood to be bonds and mutual funds from her parents’ UBS PaineWebber accounts when they passed away. The client did not know the true nature or risk of the investments that she had inherited and held in her account. She thought she actually owned bonds that […]

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NASD Rule 2310 known as the “Suitability Rule” provides that a stockbroker who recommends the purchase or sale of a security to have “reasonable grounds” for believing that the recommendation is suitable for the customer based on the facts disclosed by the customer relating to his investment objectives and financial situation and needs. Apparently, Mr. […]

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The Financial Industry Regulatory Authority (FINRA) announced today that it ordered Morgan Stanley Smith Barney LLC (Morgan Stanley) to pay $13 million in fines and restitution for failing to supervise the sales of unit investment trusts (UITs). FINRA found that from January 2012 through June 2015, hundreds of Morgan Stanley brokers executed short-term UIT rollovers […]

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John Hudnall, a former broker with BancWest Investment Services, Inc. (BancWest), submitted an Offer of Settlement to the Financial Industry Regulatory Authority (FINRA) in which he was barred from the securities industry amid findings that he recommended and sold a REIT investment to an 80 year old customer, which he split into two transactions in […]