Articles Tagged with Boca Raton Broker Misconduct Lawyer

Newbridge Securities Corporation (Newbridge) of Boca Raton, Florida submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly failing to apply sales charge discounts to certain customers’ eligible purchases of unit investment trusts (UITs) in violation of FINRA Rule 2010.

A UIT is a type of Investment Company that issues securities and holds a fixed portfolio. UITS typically offer “break points” which reduce client fees based on the amount invested. FINRA requires that all UIT transactions take place “on the most advantageous terms available to the customer.” FINRA investigators found that Newbridge failed to apply sales discounts to customers resulting in clients paying excessive charges.

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