Articles Tagged with UIT rollover

Supervisory Failures Allegedly Resulted in Unsuitable Trades and Rollovers 

Wells Fargo Clearing Services and Wells Fargo Advisors have arrived at a settlement with the Financial Industry Regulatory Authority (FINRA). 

The two broker-dealers will pay $3.1M for purportedly not setting up and maintaining a supervisory system that complied with the self-regulatory organization’s (SRO’s) rules involving early unit investment trust (UIT) rollover trading. FINRA’s action is its final one in its targeted probe into the sale of UITs

Over 3,000 Customers May Have Been Charged More Than $8.4M in Excessive Sales Fees 

The Financial Industry Regulatory Authority (FINRA) announced that Merrill Lynch, Pierce, Fenner & Smith will pay approximately $8.4M in restitution and an over $3.2M fine to settle charges alleging supervisory failures involving unit investment trust (UIT) rollovers. 

The self-regulatory organization (SRO) contends that over 3,000 customers may have been excessively charged over $8.4M in sales fees related to early rollovers. 

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