Category Archives: UITs

FINRA Fines Wells Fargo $2 Million for Unsuitable Sales of Reverse Convertibles to Elderly Customers and Failure to Provide Breakpoints on UIT Sales

Posted on December 15, 2011 by Klayman & Toskes

The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Wells Fargo Investments, LLC, $2 million for unsuitable sales of reverse convertible securities through one broker to 21 customers, and for failing to provide sales charge discounts on … Continue reading →

Posted in Enforcement, FINRA, UITs, Wachovia, Wells Fargo | Leave a comment

FINRA Orders Chase to Reimburse Customers $1.9 Million for Unsuitable Sales of UITs and Floating-Rate Loan Funds

Posted on November 15, 2011 by Klayman & Toskes

FINRA Also Fines Chase $1.7 Million The Financial Industry Regulatory Authority (FINRA) announced today that it has ordered Chase Investment Services Corporation to reimburse customers more than $1.9 million for losses incurred from recommending unsuitable sales of unit investment trusts … Continue reading →

Posted in Chase, Enforcement, FINRA, Floating Rate Loan Funds, UITs, Unit investment trusts | Leave a comment