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Articles Tagged with Unit Investment Trusts

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Silver Law Group is investigating Boca Raton, Florida-based Revere Securities LLC (CRD# 14178) broker Brett S. Murphy (CRD# 2434384) over allegations that Murphy excessively traded unit investment trusts (“UITs”) in a customer’s account.

According to Scott’s FINRA BrokerCheck report, a customer filed a complaint against Scott alleging Scott churned the customer’s account in UITs and that the UITs were unsuitable.  Further, the customer alleges that Scott’s employing firm, Oppenheimer & Co. Inc. (CRD# 249) as well as Revere Securities, failed to supervise Scott.

Oppenheimer employed Scott from July 2011 to March 2015 at its Palm Beach Gardens, Florida locations.  Scott then moved further south to Revere Securities in Boca Raton, Florida where he is currently employed.

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Cetera Brokerage Firm Investors Capital Corp Fined $1.1 Million Over Sales of Unit Investment Trusts

Silver Law Group is investigating investor claims against Cetera Financial Group-owned Investors Capital Corp. (CRD# 30613) after FINRA fined the firm and ordered it to pay restitution of over $1.1 million for allegations of short-term trading of unit investment trusts (“UITs”).

According to the Acceptance, Waiver & Consent (“AWC”) Investors Capital Corp. (“Investors Capital”) and FINRA entered into in October 2016, FINRA found that Investors Capital recommended unsuitable short-term trading of UITs and Steepener Notes (“Steepener Notes”) in 74 customer accounts.  Additionally, Investors Capital failed to apply sales charge discounts to certain customers’ purchases of UITs, according to the AWC.  The misconduct occurred between June 2010 and September 2015.

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