Articles Tagged with Stifel Nicaolaus & Co

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Harold Pomeranz, a former registered representative with Stifel, Nicolaus & Company, Inc (Stifel Nicolaus) submitted a Letter of Acceptance, Waiver and Consent (AWC) in which he was suspended and assessed a deferred fine of $5,000 by the Financial Industry Regulatory Authority (FINRA) for engaging in unsuitable short-term trading of Unit Investment Trusts (UITs) in the account of an 83 year old customer.

According to FINRA, Harold Stephen Pomeranz, of Plainview, New York, recommended and effected approximately 21 UIT transactions in the account of his 83 year old customer.  The UITs recommended by Mr. Pomeranz had 24 month maturity dates and significant upfront charges.  The average holding period for the UITs recommended by Mr. Pomeranz was less than fourteen months. Further, on a number of occasions, FINRA found that Mr. Pomeranz recommended that his elderly customer use the proceeds from the short-term sale of one UIT to purchase another UIT with similar and/or identical investment objectives.  These unsuitable recommendations and transactions caused his customer to incur unnecessary sales charges. Continue reading →