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Articles Tagged with UIT rollover

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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